White House Crypto Meeting Next Week to Discuss Stablecoin Yields, Bank Representatives to Attend for the First Time

Odaily News: Crypto journalist Eleanor Terrett disclosed that the White House will hold a new round of cryptocurrency meetings next Tuesday, focusing on the issue of stablecoin yields. This meeting is the second in a series, still at the staff level, and will not invite corporate CEOs, but senior policy personnel from several banks will attend for the first time.

Informed sources said that major banks such as Bank of America, JPMorgan Chase, and Wells Fargo have received invitations; Citibank, PNC Bank, and U.S. Bancorp may also participate. Banking representative organizations include the Bank Policy Institute, the American Bankers Association, and the Independent Community Bankers of America.

Reports indicate that the banking sector hopes to restrict crypto companies from paying interest to stablecoin holders, fearing that high-yield accounts will attract deposit outflows and affect loan funding supply. Crypto companies believe this stance will weaken competition and stifle innovation. Scott Bessent stated this week that deposit volatility is undesirable and efforts will be made to prevent stablecoin yield payments from causing deposit instability.

This meeting is related to the advancement of the "Cryptocurrency Market Structure Act" (CLARITY Act). Patrick Witt, Executive Director of the White House Cryptocurrency Committee, has urged all parties to reach a consensus by the end of this month.