Reuters: The White House convenes banks and cryptocurrency operators to negotiate and push for breakthroughs in cryptocurrency legislation

The White House will hold a cryptocurrency summit next Monday, inviting senior representatives from the banking industry and the cryptocurrency sector in an attempt to break the deadlock over the Clarity Act. According to three industry insiders, the meeting will be chaired by the White House Cryptocurrency Committee, with the core topic focusing on whether cryptocurrency companies can offer interest or other returns on stablecoins held by customers.

The banking industry is concerned that allowing cryptocurrency companies to pay returns will lead to deposit outflows, threatening financial stability. A report from Standard Chartered estimates that by the end of 2028, stablecoins could siphon off about $500 billion in deposits from U.S. banks. Cryptocurrency proponents argue that banning the payment of returns would harm competitiveness and be crucial for attracting new customers.