Senior officials from the banking and cryptocurrency sectors convened at the White House to discuss the ongoing legislative deadlock concerning U.S. cryptocurrency regulations. Hosted by the administration’s Crypto Council, the meeting included leaders from major trade organizations and focused on contentious aspects of a proposed bill, particularly the legal classification of interest and rewards offered on dollar-pegged stablecoins. Although the House of Representatives passed the Clarity Act last year to establish clear rules and regulatory boundaries for digital assets, the Senate Banking Committee postponed its consideration following industry opposition. Prominent crypto companies like Coinbase withdrew support over concerns that amendments would stifle innovation, especially due to stricter restrictions on stablecoin rewards, and objections to granting traditional financial institutions expanded authority. The White House aims to foster consensus among stakeholders to advance legislation and provide regulatory clarity. Meanwhile, the Senate Agriculture Committee is preparing to vote on a bill that could define regulatory limits for digital assets, potentially introducing amendments favorable to the crypto industry. Efforts to formalize cryptocurrency regulations in the U.S. have attracted significant global attention, given their implications for both domestic and international investment and financial stability.
Source: bitcoinmagazine
