The White House met with crypto executives and banking trade groups Monday to resolve a legislative deadlock over U.S. crypto market rules. The effort comes after Coinbase withdrew support from a Senate bill banning most stablecoin rewards, halting a planned vote.
Stablecoins—crypto pegged to assets like the dollar—often pay yields to attract investors. Banks argue these yields could drain deposits unless crypto firms follow bank-level regulations. The meeting sought compromise to advance President Trump’s goal of making the U.S. a global crypto hub.
Congress faces hurdles: the midterm election calendar limits time, Democrats may block the bill, and Trump’s prior sale of World Liberty Financial shares to an Abu Dhabi investor complicates bipartisan support. Analysts say achieving industry consensus is easier than winning enough Senate backing to pass the bill.
Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, expressed optimism on X: “Over the course of the past few months, we have achieved breakthroughs on several seemingly intractable policy issues. I am confident we will be able to resolve this one too.”
