The White House has moved into a crucial round of talks with banks and crypto companies over stablecoin yield rules. At a two-hour meeting on February 2 in Washington, officials focused on one of the toughest unresolved questions in the Digital Asset Market Clarity (CLARITY) Act: whether non-bank platforms such as Coinbase should be allowed to offer yield on dollar-backed stablecoins.
The dispute centers on who can offer returns
Banking groups argue that stablecoin rewards could pull deposits away from banks and reduce funds available for loans to families and small businesses. Crypto firms take the opposite view. They say users should be able to earn returns on low-risk digital dollars without relying on banks to lend those funds out. Both camps agree that stablecoins need clear rules, but they remain split on which institutions should be permitted to provide rewards. That disagreement has slowed the broader market structure bill.
Major crypto and banking groups joined the meeting
Participants included executives from Coinbase, Ripple, Kraken, and Tether, along with several payments and finance companies. Large banking organizations such as the American Bankers Association and the Bank Policy Institute also attended, as did digital asset advocacy groups. People familiar with the meeting said the conversation stayed calm and focused, with both sides clear about the issues and the limits of compromise. No final agreement emerged, but the tone was described as positive.
White House crypto adviser Patrick Witt called the talks “constructive, fact-based, and solutions-oriented” and said he is confident a solution can be reached soon.
Late February is now the key deadline
Officials have reportedly set the end of February as the deadline for resolving the stablecoin yield issue. If no compromise is reached by then, the CLARITY Act could lose its opportunity to pass in 2026. President Donald Trump has said he supports moving the bill quickly and indicated he is ready to sign it if Congress agrees on the remaining issues.
More talks are expected before any vote
Additional meetings are expected, likely in smaller groups aimed at narrowing the gap between the two sides. Lawmakers on Senate committees will also need to align their versions of the market structure bill before it can advance to a full vote. For now, the White House-brokered talks remain unresolved, and the February deadline has put the stablecoin yield fight under sharper pressure.