White House to meet banks and crypto firms over stalled CLARITY Act
Officials in the Trump administration are set to meet with banking and cryptocurrency executives on Monday, people familiar with the matter told Reuters, as lawmakers try to revive the stalled CLARITY Act. The meeting will be hosted by the White House’s crypto council and will bring together industry trade groups to discuss how the bill treats interest and other rewards offered on dollar-pegged stablecoins, the sources said.
The CLARITY Act is a proposed crypto market-structure bill that seeks to clarify how digital assets are regulated in the United States, including how oversight would be divided between the SEC and the CFTC. The legislation has been held up in the Senate for months, and a scheduled Banking Committee vote was postponed earlier this month amid concerns over the stablecoin interest provision.
Progress has been slowed by a dispute over whether third parties should be allowed to offer yield on stablecoins. The GENIUS Act, passed in July 2025, bars stablecoin issuers from paying interest but leaves open whether exchanges or other intermediaries can provide rewards, a gap that has fueled tension between crypto companies and traditional banks.
Bank lobbyists have pushed Congress to prohibit third-party stablecoin yield, arguing it could trigger deposit flight and weaken the banking system. On Jan. 15, Bank of America CEO Brian Moynihan warned that interest-bearing stablecoins could draw as much as $6 trillion out of US banks.
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