The White House convened crypto executives, major banks and policymakers this week in a renewed push to advance bipartisan digital asset market structure legislation.
Two meetings held on Feb. 2 and Feb. 10 brought together industry representatives, Senate Banking Committee staffers and members of the President’s crypto advisory council to break a regulatory stalemate over the Digital Asset Market CLARITY Act.
“Today’s second White House meeting reflects continued, meaningful momentum toward delivering bipartisan digital asset market structure legislation, and we’re encouraged by the progress being made as stakeholders remain constructively engaged on resolving outstanding issues,”
Said Blockchain Association Chief Executive Officer, Summer Mersinger.
Ripple Chief Legal Officer Stuart Alderoty described the session as constructive, stating:
“Productive session at the White House today – compromise is in the air,”
While urging lawmakers to move quickly while the legislative window remains open.
Discussions reportedly focused heavily on stablecoin oversight, with banks including Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citi, PNC Bank and U.S. Bank presenting written principles opposing stablecoin yield rewards beyond limited exemptions.
The White House has asked both sides to seek agreement by March 1 as talks continue over permissible activities, with crypto firms favouring broader definitions and banks advocating narrower constraints.
The CLARITY Act, introduced last May to divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, remains stalled in the Senate after industry criticism, including opposition from Coinbase Chief Executive Brian Armstrong, delayed further progress.