White House to Host Cryptocurrency Meeting on Stablecoin Yields

A new round of cryptocurrency discussions is set to take place at the White House next Tuesday, focusing on stablecoin yield issues. According to Odaily, this meeting marks the second in a series and will be held at the staff level, without the presence of company CEOs. However, senior policy personnel from several banks will attend for the first time. Sources indicate that major banks such as Bank of America, JPMorgan Chase, and Wells Fargo have received invitations, with Citibank, PNC Bank, and U.S. Bank also likely to participate. Banking industry representatives will include the Bank Policy Institute, the American Bankers Association, and the Independent Community Bankers of America. The banking sector aims to limit cryptocurrency companies from paying interest to stablecoin holders, fearing that high-yield accounts could lead to deposit outflows and affect loan funding. Cryptocurrency firms argue that such restrictions would stifle competition and innovation. Scott Besant stated this week that deposit volatility is undesirable and efforts will be made to prevent stablecoin yield payments from causing deposit instability. This meeting is related to the advancement of the Cryptocurrency Market Structure Act (CLARITY Act). Patrick Witt, Executive Director of the White House Cryptocurrency Committee, has urged all parties to reach a consensus by the end of the month.