US Banks Convene with White House to Discuss Crypto Market Framework Amid Growing Divide Over Stablecoin Incentives

Meeting Overview: U.S. banking trade groups met with the White House to discuss cryptocurrency market structure legislation, with crypto firms advocating for yield-related solutions while banks avoided detailed proposals.

Legislative Stalemate: Negotiations regarding a long-awaited cryptocurrency bill remain stalled, despite discussions aimed at addressing the differences between the banking and cryptocurrency industries.

Joint Statement: A coalition of major U.S. banking trade groups issued a joint statement after the meeting, emphasizing the importance of legislation that supports local lending and protects the safety of the U.S. financial system.

Focus on Stablecoin Rewards: The discussions highlighted stablecoin rewards and the need for constructive dialogue between the banking and cryptocurrency sectors, with officials expressing confidence in resolving the stablecoin issue.