White House to Host Closed‑Door Summit Between Banks and Crypto Firms on Stablecoins

The White House is convening a closed‑door meeting on February 10 that will bring together top banking and crypto executives to focus on stablecoin policy and to find common ground on issues that have stalled progress on the CLARITY Act ^[1][2].

A central point of contention is yield‑bearing stablecoins: major banks warn such products could draw deposits to crypto platforms—industry estimates cited by banks put potential outflows as high as $6.6 trillion—while crypto firms say banning stablecoin yields would benefit banks and harm competition ^[2].

Separately, participants are clashing over the Federal Reserve’s proposed 'skinny' master accounts for crypto firms, an additional regulatory dispute expected to be raised at the meeting ^[4].

Some industry and former government officials remain optimistic about a legislative path forward: a former House Financial Services Committee chair said the CLARITY Act could become law before Memorial Day, according to reporting ^[3].

The closed‑door talks aim to bridge divisions between banks and crypto companies on stablecoin yield and account access so the CLARITY Act can advance; the White House intervention seeks compromise amid ongoing Senate disagreement ^[1][2].