White House Crypto Bill Talks Making Slow Progress, Stablecoin Row Remains Ongoing

The mood in the room was described as constructive. The outcome, less so.

Industry and banking officials went back to the White House earlier this week to make another go at ironing out their differences on the stablecoin provisions in the awaited crypto market structure bill. By the end of it all, people were discussing progress, not a deal.

Ripple’s chief legal officer, Stuart Alderoty, who participated in the meeting, described it as “productive” in a post-meeting blog and declared, “Compromise is within reach.” He added, “There is still bipartisan appetite inside Washington to advance this legislation, and the window for doing so is open.”

Behind the scenes, the sticking point remains the same. Stablecoin yield.

The banking groups continue to advocate for language that bars any type of interest or rewards payments related to stablecoins, even when these channels operate through third-party platforms, including exchanges. The issue is, again, a traditional one. The worry is that should digital dollars start generating interest on a large scale, then bank deposits will begin to shift elsewhere, eroding lending bases.

Crypto proponents' point of view.

Dan Spuller of the Blockchain Association said the latest meeting was more focused and leaned toward problem-solving, but acknowledged that stablecoin rewards dominated the discussion. According to attendees, bank representatives arrived with broad prohibitive principles rather than negotiating directly from bill text, underscoring how far apart the sides remain.

The White House has hosted two such sessions in recent weeks. The first was described by officials as constructive. This one appears to have followed a similar pattern progress in tone, not in resolution.

Major trade groups including the American Bankers Association and the Bank Policy Institute later said further discussions are necessary, emphasizing that any legislative framework must preserve financial stability and protect the deposit base of community banks.

At the same time, some voices in the crypto sector are urging lawmakers not to let the stablecoin debate stall the broader bill. BitGo chief executive Mike Belshe argued publicly that the earlier GENIUS Act already addressed whether issuers can pay yield directly, and that revisiting that fight risks derailing market structure reform altogether.

For now, the talks continue. The sense of momentum is there. So is the disagreement.