White House Reboots Stablecoin Negotiations: Banks and Crypto Giants Face Off, Regulatory Direction Could Shape America's Future

The White House will convene major American banks and cryptocurrency companies again this Tuesday to hold a new round of closed-door discussions on stablecoin regulation rules. This meeting is seen as a key milestone in breaking the deadlock in U.S. cryptocurrency legislation, aiming to resolve core disagreements surrounding stablecoins and find a consensus solution for the long-stalled regulatory framework.

The talks are a restart after the previous negotiations ended without result. Sources familiar with the matter reveal that policymakers hope to reach a feasible direction by the end of this month; otherwise, related legislation may continue to be shelved. The current biggest point of contention is whether to allow stablecoins to pay interest to holders. Crypto companies argue that interest-bearing stablecoins are more aligned with digital finance logic and can enhance user appeal; traditional banks strongly oppose this, fearing it could divert deposits, weaken credit supply, and pose potential risks to financial stability. Some estimates suggest that relaxing restrictions could trigger a reallocation of trillions of dollars in funds.

Participants in this meeting include representatives from major banks such as JPMorgan, Bank of America, and Wells Fargo, as well as executives from crypto firms and industry organizations like Ripple and Circle. White House officials will act as mediators, seeking to strike a balance between “financial security” and “technological innovation.”

The outcome of the negotiations is closely related to the “CLARITY Act” proposed in 2025. This bipartisan bill aims to establish a unified regulatory framework for stablecoins and digital asset markets. While it has made some progress in the House of Representatives, it has been blocked in the Senate due to banking lobbying efforts. The issue of interest-bearing stablecoins is seen as a “sticking point” for this bill; if no compromise is reached, legislative progress will remain limited.

Policy analysts note that once a consensus is formed, the regulatory environment for stablecoins in the U.S. will become clearer, potentially attracting more institutional participation and solidifying America’s leading position in digital finance. Conversely, if negotiations break down again, innovative projects may accelerate their exit, and the global competitive landscape could change accordingly. This White House meeting is widely regarded as a crucial watershed in determining the future direction of U.S. crypto policy.