The White House will convene executives from the banking and crypto sectors on Monday, February 2 to discuss a path forward for stalled U.S. crypto legislation, according to Reuters reporting.
Hosted by the administration’s crypto council, the summit is expected to include leaders from major trade associations and focus on contentious provisions — particularly how proposed law would treat interest and other rewards that crypto firms pay on customer holdings of dollar-pegged stablecoins.
The meeting shows the Trump administration’s eagerness to broker a compromise and advance the legislation after negotiations floundered amid competing priorities and industry pushback.
Reuters reported that the White House had no immediate comment on the matter and that the three sources familiar with the deliberations spoke on condition of anonymity.
Crypto legislation background
U.S. federal crypto policy has been at a standstill following months of legislative activity that raised expectations for comprehensive regulation.
The House passed a major market-structure bill — the CLARITY Act — in July 2025, sending it to the Senate with hopes of establishing clear rules for digital assets and defining regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
However, Senate progress collapsed in early January when the Senate Banking Committee postponed its planned markup of the CLARITY Act after influential industry voices, including Coinbase, withdrew their support.
Critics argued that late-stage amendments weakened crypto innovation by tightening restrictions on stablecoin rewards, altering DeFi oversight and shifting power toward traditional financial regulators.
“After reviewing the Senate Banking draft over the last 48 hours, Coinbase unfortunately can’t support this bill as written,” Coinbase CEO Brian Armstrong said at the time.
Coinbase’s CEO publicly accused major banks of lobbying to alter the bill’s stablecoin provisions in ways that could undermine the industry and stifle yield-earning products, further deepening the rift between banking interests and crypto advocates.
The delay has left regulatory clarity unresolved, with the Senate debate now entangled in broader political negotiations and procedural postponements.
The Senate Agriculture Committee is scheduled to vote tomorrow on a crypto market structure bill that would clarify regulatory jurisdiction over digital asset markets.
The markup is expected to include several amendments related to crypto, with lawmakers ultimately deciding whether to advance the bill to the Senate floor. While Democratic support for the legislation remains uncertain, the absence of unrelated amendments widely viewed as deal-breakers has helped push the expectations that the bill could move forward.
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