Efforts to advance crypto market structure legislation in the U.S. Senate remain slow, with policymakers and industry players still divided over whether crypto exchanges should be allowed to offer yield or rewards on stablecoins.
The latest push came during a closed-door meeting held Monday at the White House’s Eisenhower Executive Office Building, where crypto trade groups, exchange representatives, and Wall Street bankers met with administration officials to address outstanding regulatory disagreements.
According to people familiar with the discussions, the White House urged participants to find common ground on the stablecoin yield issue before the end of the month, signalling increased pressure to move stalled legislation forward.
White House urges compromise as deadline looms
A memo circulated by crypto trade group Digital Chamber, cited by Bloomberg, said the meeting involved a detailed review of existing policy proposals, with banking and crypto stakeholders openly flagging areas of conflict.
Despite the lack of an immediate agreement, the group described the talks as a meaningful step toward progress. Digital Chamber CEO Cody Carbone said industry leaders remain committed to advancing legislation that does not penalize innovation or consumers who rely on digital assets as part of their financial future.
Industry leaders see talks as a step toward bipartisan bill
Blockchain Association CEO Summer Mersinger also welcomed the discussions, calling the meeting an important milestone in the push to deliver bipartisan crypto market structure legislation to the president.
In a post on X, Mersinger said she was honoured to represent the association’s more than 100 members, adding that continued dialogue is critical to bridging policy gaps and providing Congress with a clear path to establish consistent crypto rules.
Echoing that sentiment, Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, described the meeting as constructive and focused on practical solutions. He noted that recent months have seen breakthroughs on several complex policy issues and expressed confidence that the stablecoin yield debate could be resolved as well.
The renewed talks follow earlier calls from the White House for swift passage of legislation on the crypto market structure, with officials warning that it is unrealistic for a multi-trillion-dollar industry to operate without clear regulatory oversight.
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