The White House is stepping in to mediate a dispute between banks and digital asset firms over stablecoin rewards, which has stalled the Senate's Clarity Act. The administration plans to host a summit with banking and cryptocurrency executives to address unresolved issues, particularly whether crypto platforms can offer interest on dollar-pegged stablecoins. This move underscores the urgency to resolve policy divisions that have delayed legislative progress. The conflict centers on the potential impact of stablecoin rewards on U.S. bank deposits, with banks warning of significant outflows. A Standard Chartered analysis suggests stablecoins could draw $500 billion from bank deposits by 2028. The White House's involvement aims to facilitate direct negotiations and find a compromise that could shape future U.S. market structure policy.
White House Mediates Stablecoin Dispute to Advance Senate Crypto Bill
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