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The latest White House meeting on February 10, 2026, aimed at resolving the legislative stalemate over the Digital Asset Market Clarity Act (CLARITY Act), ended without a breakthrough as banking representatives maintained their refusal to compromise on stablecoin rewards.
Meeting Breakdown & Deadlock
Negotiators from the crypto industry arrived prepared to discuss a potential legislative deal regarding stablecoin yields. However, major banking trade groups—including the American Bankers Association (ABA), Bank Policy Institute (BPI), and Independent Community Bankers of America (ICBA)—doubled down on their demands for a total ban on such rewards.
Bankers' Stance: Banks argue that yield-bearing stablecoins compete directly with traditional deposits, potentially siphoning away $6.6 trillion and threatening the "safety and soundness" of local lending. They circulated a "principles document" reinforcing their hardline opposition to any rewards activity.
Crypto Industry Stance: Executives from Coinbase, Ripple, and Circle contend that rewards are essential for competition and that a ban would be anti-competitive, potentially pushing innovation offshore.
White House Role: Led by crypto policy adviser Patrick Witt, the administration has pressured both sides to reach a deal by the end of February 2026 to ensure the bill can move forward in the Senate before midterm election cycles begin.
Key Points of Contention
The impasse primarily revolves around the treatment of interest-like payments on dollar-pegged stablecoins. While the GENIUS Act (signed in July 2025) barred direct interest from issuers, it left a loophole for third-party platforms like Coinbase to offer rewards, which banks now seek to close entirely.

Participants in the February 2026 Meetings
The White House has transitioned from general trade group summits to direct institutional involvement.
Banking Sector: Representatives from JPMorgan, Bank of America, and Wells Fargo.
Crypto Sector: Leadership from Coinbase, Ripple, Circle, and the Blockchain Association.
Government Officials: White House crypto policy council and reportedly incoming Fed Chair Kevin Warsh.
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