The White House brought together U.S. banking officials and crypto industry leaders to discuss stablecoin regulation and market structure ahead of key Senate decisions. While the talks were described as constructive, major differences remain between traditional banks and crypto advocates.
Last Updated: February 04, 2026 at 3:02 PM UTC +1
Published: February 04, 2026 at 3:02 PM UTC +1
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On Monday, Feb. 2, 2026, The White House invited banking officials and crypto industry leaders to talk about crypto market structure and, specifically, a stablecoin yield deal. Prior to that meeting, the U.S. Senate Agriculture Committee had advanced their version of the so-called “Crypto Bill” ,which is, in official terms, “The Clarity Act”, and aims to set an official regulatory framework for digital assets and to structure the crypto market further. Even though the last step can be seen as a major win, the process already faced significant delays and has been anything but smooth sailing.
With the U.S. Senate Banking Committee being next to decide on that bill, The White House wanted to bring together officials from both sides, the old and the new world of finance, so to speak, to hopefully make the next step clearer, more productive, and overall easier.
Crypto trade unions and experts were optimistic about the get-together.
Looking back, a Crypto PAC (Political Action Committee) like Fairshake was founded in 2023 specifically to be a strong force against the traditional banking system and the SEC (Securities and Exchange Commission) and to simply ‘act’ as a political entity in that new field. It’s obvious that traditional banks and crypto unions couldn’t be farther apart, but that also means that they need to somehow find a common ground.
Stablecoin has been the main ‘project’ and discussion topic which brings together the old and the new world. In simple words: digital assets that are pegged to real-life assets like the dollar. Still, there is a lot of uncertainty and a lack of regulation when it comes to that concept. In that specific meeting, a larger group of experts and insiders participated. From actual representatives of crypto firms like Ripple and Kraken, or Tether and Paxos (the latter ones specifically being relevant for stablecoin) to broader digital asset organizations like The Blockchain Association or Galaxy Digital and The Digital Chamber. Their members (e.g., Summer Mersinger or Alex Thorn) want clear rules which make them stay innovative and in competition. They are against strict stablecoin yields because that would make the U.S. fall behind in international competition. In addition to that, they don’t want consumers and innovators to be punished but protected.
Traditional banks obviously, first and foremost, want to keep their position. They are maintaining a strong opposition and are sceptical and rather unsupportive of the deal. Whatever limits stablecoin and crypto traders, benefits them. The official organ for the banks that can be cited here is the ABA (American Bankers Association), such as The Bank Policy Institute, the Consumer Bankers Association, the Financial Services Forum, and the Independent Community Bankers of America. They issued a statement that Alex Thorn of Galaxy Digital commented on as nice but not really sounding like the banks are going to be very cooperative. The Digital Chamber also released a statement that points in that direction. To sum it up: It was a friendly and much needed meeting, but there is a lot of work ahead of the two parties.
Old habits die hard — which really is not a bad thing here. Banks have longtime customers, a well-established way of doing their business and benefitting their customers, and simply names that stand for trust and safety. In the statement issued by the ABA, they are particularly talking about local lending to families and small businesses and how these are crucial to the country's economic growth. They stated that any crypto legislation ‘has’ to benefit these partners.
A lot has been said, but nothing was meant? Yes, you could argue that. Banks want to protect traditional deposits and limits on stablecoin (the main concern continues to be: will a stablecoin really be pegged to a real-life asset and therefore be a safe and secure unit, also considering fraud and money laundering). Whereas Crypto leaders want to stay as competitive as possible.
Patrick Witt, the Executive Director of the President’s Council of Advisors on Digital Assets, posted a promising statement, but as politicians tend to be, it doesn’t really ‘promise’ anything: “...The discussion was constructive, fact-based, and, most importantly, solutions-oriented.”
The meeting most definitely keeps the discussion alive, but an end to it is not in sight yet.
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