The White House is scheduled to convene executives from both the banking industry and the cryptocurrency sector on Monday to seek a compromise on a prominent piece of crypto legislation that has been stalled by disputes between the two powerful interests, three people familiar with the matter said.
The meeting is being organized by the White House's crypto council and will include senior representatives from multiple trade associations, the sources said. The primary subject of discussion will be provisions in the bill that govern the payment of interest and other forms of rewards that crypto firms offer to customers who hold dollar-pegged tokens commonly referred to as stablecoins.
Officials and industry participants view the session as a potential vehicle to bridge differences and move the stalled legislation forward. The planned gathering also signals the administration's determination to get the bill enacted, a point underscored in comments that tied the meeting to the White House's broader push to advance the measure.
The individuals providing details about the meeting declined to be identified while discussing private policy deliberations. The White House did not immediately reply to a request for comment about the summit.
Participants in the meeting are expected to represent a cross-section of trade groups from the banking and crypto worlds, according to the people familiar with the arrangements. The discussions will focus narrowly on how the legislation treats the mechanics and permissibility of interest-like payments and other rewards that crypto platforms distribute to customers who maintain balances in stablecoins that are pegged to the dollar.
While the outcome of the talks is uncertain, the meeting itself highlights the central role of negotiations between regulated banking entities and emerging crypto firms in shaping the final contours of the bill. The convening shows the administration's interest in facilitating dialogue that could lead to a compromise acceptable to both sides.
Note: The account above is based on descriptions provided by three people familiar with the matter, who requested anonymity when discussing private policy conversations.