Industry leaders from the banking world and the crypto sector are set to meet at the White House next Monday, as tensions rise over a contentious digital‑asset bill that could reshape how crypto markets operate.
The meeting follows a public withdrawal by the CEO of a major crypto exchange of support for a key draft of the legislation, a move that has stalled progress on what many hoped would be a definitive regulatory framework.
Despite almost two weeks of talks, negotiators have yet to agree on a compromise that would revive the proposal. An insider who requested anonymity said the discussion remains at a stalemate.
Because of the lack of progress, the scheduled White House session may be postponed if the parties cannot find common ground before the meeting date.
Representatives from the crypto exchange are expected to attend, though both the platform and the White House have declined to comment at this time.
The bill, originally drafted by the Senate Banking Committee, was set for a markup session that the committee chair postponed, leaving the legislative timeline uncertain.
Meanwhile, the Senate Agriculture Committee is slated to consider amendments to its version of the bill later in the week.
One of the main points of contention involves bank lobbyists’ push to limit rewards tied to customers’ token holdings. Banks fear such incentives could drain deposits, while the exchange argues they simply offer better value to users.
A digital‑asset advocacy group praised the White House for convening stakeholders from both sides of the debate in an effort to reach a compromise on stable‑coin rewards.
In a reminder of the sector’s growing political influence, a political action committee aligned with the crypto industry reported holding more than $193 million in cash, largely from contributions by prominent crypto firms and venture capital groups. The committee plans to use these funds to counter anti‑crypto lawmakers.
Earlier in the month, the exchange’s CEO had posted on social media about the advocacy organization, highlighting its role in supporting the upcoming Senate markup session.
With the legislative timeline still uncertain, all eyes remain on the White House meeting to see whether the parties can finally bridge their differences.
