White House tells banks, crypto firms to agree on stablecoin yields by February

The White House convened banking and crypto industry executives on Feb. 2 to discuss the CLARITY Act, a bill on crypto market structure, CoinDesk reported. During the meeting, the banking sector reportedly offered no compromise proposals. According to officials, the White House has instructed attendees to agree on revised legislative language regarding payments on stablecoin holdings by the end of this month. The issue of whether to permit interest or rewards on stablecoins is a key point of contention and a major reason for the deadlock in the bill's negotiations. Future discussions will continue at the working group level.