TechFlow News, February 8: Cryptocurrency journalist Eleanor Terrett revealed that the White House will host another cryptocurrency-focused meeting next Tuesday, with a primary focus on stablecoin yield issues. This meeting marks the second in a series and remains at the staff level—no corporate CEOs will be invited. However, senior policy officials from multiple banks will attend for the first time.
According to insiders, major banks—including Bank of America, JPMorgan Chase, and Wells Fargo—have received invitations; Citigroup, PNC Bank, and U.S. Bancorp may also participate. Banking industry representative organizations expected to attend include the Bank Policy Institute, the American Bankers Association, and the Independent Community Bankers of America.
Banks reportedly aim to restrict crypto firms from paying interest to stablecoin holders, fearing that high-yield accounts could trigger deposit outflows and impair loan funding availability. Crypto firms counter that such restrictions would undermine competition and stifle innovation. Scott Bessent stated this week that deposit volatility is undesirable and pledged efforts to prevent stablecoin yield payments from destabilizing deposits.
This meeting coincides with progress on the “Cryptocurrency Market Structure Act” (the CLARITY Act). Patrick Witt, Executive Director of the White House Cryptocurrency Commission, has urged all stakeholders to reach consensus by the end of this month.
