White House to Meet Crypto Firms, Banks to Build Crypto Bill Support

The White House is set to hold talks with leaders from the crypto and banking sectors as the administration looks for a way to revive major digital asset legislation that has stalled amid disagreements between the two industries, according to three people familiar with the plans.

The meeting, organized by the White House’s crypto advisory council, will bring together executives from several industry trade organizations. Discussions are expected to center on how the proposed legislation handles interest payments and other incentives offered by crypto firms to customers who hold stablecoins.

It reflects a growing push by the Trump administration to break the impasse and move the bill forward. During his campaign, Trump actively sought support from the crypto sector and pledged to encourage wider use in the U.S.

Blockchain Association CEO Summer Mersinger confirmed the group would take part. In a statement, she said the group welcomed the opportunity to engage with policymakers from both parties to help advance durable legislation governing digital asset markets. She added that such efforts are essential if the U.S. is to remain a global hub for crypto innovation.

Cody Carbone, who leads another prominent trade group, The Digital Chamber, praised the White House for bringing competing interests into the same room, calling the effort a necessary step toward compromise.

Senators have been working on the measure—the Clarity Act—for months, aiming to establish comprehensive federal rules for crypto after years of lobbying by the industry. Crypto firms argue that existing financial regulations do not adequately address their business models and say clear national standards are critical to operating with legal certainty.

The House passed its own version of the measure in July. Momentum in the Senate slowed earlier this month when a scheduled Banking Committee vote was abruptly postponed. Lawmakers cited unresolved concerns over stablecoins and interest payments, an issue that has divided both political parties and industry groups.

Some Republican senators have also raised objections to portions of the stablecoin framework, according to people familiar with the talks. Sponsors of the bill worried that without changes, it would fail to secure enough votes to advance.

Crypto firms argue these incentives are essential for attracting users and competing fairly. Banks counter that such practices could draw deposits away from insured lenders, which rely heavily on deposits to fund their operations, and potentially pose risks to financial stability.

A recent analysis by Standard Chartered estimated that as much as $500 billion could shift out of U.S. banks into stablecoins by the end of 2028 if adoption accelerates.

The controversy traces back to legislation passed last year that created the first federal oversight structure for stablecoins. While that law barred issuers themselves from paying interest, banking groups say it failed to prevent third parties, like crypto exchanges, from offering yield, leaving what they see as an uneven playing field.

Crypto industry players like BitFuFu Inc. (NASDAQ: FUFU) will be hoping that the planned meeting comes up with a compromise position that enables the industry to progress while addressing the concerns of banks and other stakeholders.

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