Updated The Trump administration held crypto policy discussions on Monday, convening representatives from the crypto industry and banking trade groups to address a dispute over stablecoin yield. Industry groups described the meeting as “exactly the kind of progress needed” to unlock stalled market structure legislation.
White House Hosts Talks on Stablecoin Yield Industry Standoff
2 February 2026 - 20:51 CET
By Ana Pereira
The meeting, hosted by the White House, came as lawmakers continue to advance crypto policy on separate tracks, with no clear legislative timetable ahead.
Yield focus
At the centre of Monday's discussions was whether, and how, stablecoin issuers and third-party companies should be allowed to offer yield on stablecoin holdings. The issue has split crypto companies and banks, resulting in delays in Senate Banking Committee action on digital-asset legislation.
Industry participants included major crypto trade groups and representatives tied to stablecoin issuance and infrastructure, including the Crypto Council for Innovation, as well as representatives for the banking industry, such as the American Bankers Association.
The White House reportedly acted as a facilitator rather than a negotiator in the dispute between Wall Street giants and the digital-asset industry.
The Digital Chamber, an advocacy group, said the discussions were “exactly the kind of progress needed” following the meeting. CEO Cody Carbone noted that the group is optimistic a “fair playing field can be created for digital assets in the US” as policymakers continue bipartisan negotiations.
Banking industry groups have warned that allowing stablecoin issuers or third parties to offer yield could undermine regulatory parity with insured deposits.
“Allowing inducements like interest or rewards on stablecoins could incentivize customers to move savings out of banks, jeopardizing the lending that fuels growth in towns across America,” the American Bankers Association said in a 6 Jan statement.
Market structure bills
While stablecoin discussions shifted to the executive branch, Congress continues advancing pieces of crypto legislation through key committees.
Last week, the Senate Agriculture Committee advanced its portion of a crypto market structure bill in a party-line vote, expanding the authority of the Commodity Futures Trading Commission over spot digital asset markets.
The committee will ultimately need to combine its bill with the draft under consideration in the Senate Banking Committee before a floor vote can proceed.
But the Senate Banking Committee, which has jurisdiction over securities, banking, and stablecoins, has yet to schedule a markup or release a timeline for its own crypto bill.
“We will continue to engage with Senate Democrats to move the Banking portion of this bill forward and ensure final passage on the floor. We owe it to the American people to get this done,” said Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, in a 29 Jan post on X.
Regulators' initiatives
As the White House steps into discussions ahead of congressional action, federal regulators continue to shape crypto policy on parallel tracks.
Both the Securities and Exchange Commission and the CFTC have emphasized coordination and flexibility in recent public remarks, including around their joint “Project Crypto” initiative, signalling that regulatory coordination between the agencies may continue to evolve even as legislative negotiations remain on the table.
