White House Calls Banks, Crypto Firms to Table on Legislative Stalemate

Reading Time: < 1 minute

A meeting between senior banking and cryptocurrency leaders is scheduled at the White House next week. The discussion aims to address digital asset legislation amid stalled Senate progress, Reuters reported, quoting three people familiar with the plans.

Per the Wednesday report, the summit will focus on a key sticking point: how to regulate stablecoin rewards. This issue has become a major obstacle for the Senate Banking Committee and will be tackled by the White House’s crypto council.

Tensions on this issue have escalated recently. Banking groups have pushed back against the GENIUS Act, the stablecoin framework that cleared Congress this summer.

The law prevents stablecoin issuers from offering interest directly but allows third-party platforms, including crypto exchanges, to offer rewards to holders.

In a statement, Blockchain Association CEO Summer Mersinger confirmed the group’s participation. Mersinger stated that Congress has a clear opportunity to pass durable, bipartisan rules to protect consumers, foster innovation, and keep the US a global leader in fintech.