Reuters: The White House will convene talks with top executives from banks and the crypto industry next week to mediate legislative differences

According to Foresight News, according to Reuters, three industry sources revealed that the White House plans to convene industry executives from the banking and cryptocurrency industries next Monday to discuss the landmark encryption legislation that has been stalled due to conflicts between the two major industries. The summit will be hosted by the White House Crypto Council and will focus on how the Clarity Act deals with the issue of crypto companies issuing interest or rewards to stablecoin holders. Crypto companies believe that offering interest incentives is crucial to acquiring customers, while the banking industry is concerned that this will lead to a large loss of deposits and threaten financial stability. A report from Standard Chartered on Tuesday predicted that stablecoins could siphon around $500 billion in deposits from U.S. banks by the end of 2028. Previously, the Senate Banking Committee postponed the debate and vote on the bill at the last moment due to the interest dispute and disagreements within the Republican Party over stablecoin provisions.
Disclaimer: The views in this article only represent the author's personal views and do not constitute investment advice from this platform. This platform does not make any guarantees about the accuracy, completeness, originality and timeliness of the information in the article, nor is it responsible for any losses caused by the use or reliance of the information in the article.