The White House’s crypto council plans to host a summit for executives from trade groups representing the banking and cryptocurrency industries in an effort to restart progress that was being made on crypto legislation. The meeting will focus on a key issue that caused the movement of the legislation to stall: the bill’s provisions having to do with interest and other rewards crypto companies can offer on customer holdings of stablecoins.
It was reported earlier in the month that the Senate Banking Committee had scheduled a markup of the crypto bill on Jan. 15 but postponed that meeting on Jan. 14 after Coinbase withdrew its support for the draft. Coinbase CEO Brian Armstrong said at the time that his objections to the bill included draft amendments that would eliminate rewards on stablecoins. This banking pushback seeped into the legislative text, prompting provisions aimed at limiting crypto incentives, which were a key flashpoint for Coinbase and other developers of stablecoin-based products.
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