White House Steps In With Closed-Door Meeting to Solve Crypto Market Bill Structure

TLDR

• The White House plans a closed-door meeting to resolve issues in the U.S. crypto market structure bill, focusing on stablecoin yield.
• Banks oppose yield-bearing stablecoins, fearing up to $6.6 trillion in deposit losses to crypto platforms offering higher yields.
• Crypto companies like Coinbase argue that banning stablecoin yield benefits banks and harms competition, crucial for their business.
• The House passed the CLARITY Act in July 2025, but the Senate remains divided on stablecoin yield provisions.
• White House intervention aims to break the deadlock on the yield issue, with a deadline for compromise by February 2026.

The White House is set to hold a crucial closed-door meeting tomorrow to decide the future of the U.S. crypto market structure bill. The meeting aims to resolve key issues surrounding the bill, particularly the matter of stablecoin yield. A compromise needs to be reached by the end of February 2026 to ensure progress on the legislation.

The Debate Over Stablecoin Yield

The main point of contention in the crypto market structure bill revolves around stablecoin yield. Banks view yield-bearing stablecoins as a threat to deposits, with concerns about losing up to $6.6 trillion in community bank deposits.

Bank trade groups argue that crypto platforms offering higher yields on stablecoins could lead to money moving out of traditional banks. However, crypto companies like Coinbase argue that banning stablecoin yields benefits to banks at the expense of market competition.

In Q3 2025, Coinbase made $355 million from stablecoin revenue, showing how vital this market is for them. Brian Armstrong, CEO of Coinbase, voiced strong opposition to tighter yield rules proposed in the Senate draft.

The Legislative Process and White House Intervention

The U.S. House passed the CLARITY Act in July 2025, but the Senate remains divided on stablecoin yield provisions. The Senate Banking and Senate Agriculture committees have both attempted to move forward with their versions, but the issue remains unresolved.

The White House’s involvement aims to break the deadlock by focusing solely on the yield issue, pushing for a compromise before February 2026. If a deal on stablecoin yield is reached, the bill can proceed, with both chambers needing to merge their versions.

The final version will require votes from both the Senate and the House before it can become law. Without a resolution on the yield issue, further delays could prevent the bill from advancing and leave the crypto market in a state of uncertainty.

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