🚨 The White House is holding a closed door meeting tomorrow to decide the future of the U.S. crypto market structure bill.
The White House wants both sides to reach compromise language by the end of Feb 2026, with stablecoin yield being the main issue blocking the bill.
The House already passed the CLARITY Act on July 17, 2025. Since then, the bill has been stuck because the Senate cannot agree on one question:
Should stablecoin holders be allowed to earn yield?
THE CORE FIGHT IS STABLECOIN YIELD
Banks see yield bearing stablecoins as a direct threat to deposits. Bank trade groups warned that up to $6.6 trillion in community bank deposits could be at risk if the yield loophole stays open.
Their logic is simple: Bank accounts pay very low interest. Crypto platforms can offer 3% or more. So money could move out of banks.
Crypto firms see a yield ban very differently. They say banning yield protects banks and hurts competition. For companies like Coinbase, stablecoins are a major business line.
They made $355M in stablecoin revenue in Q3 2025 alone, and the yearly run rate is heading above $1B. That’s why Brian Armstrong pulled support when the Senate draft tried to tighten yield rules.
The GENIUS Act already banned stablecoin issuers from paying interest. But the real fight now is this: Can exchanges and platforms still share reserve income through rewards and incentives?
Banking groups flagged this loophole back in Aug 2025, and it has now become the single biggest blocker for the full market structure bill.
Here’s where things stand legislatively:
The House passed CLARITY in July 2025.
Senate Banking released its amendment in Jan 2026, but the process stalled after yield language changed and Coinbase pushed back.
Senate Agriculture moved its version forward on Jan 29, 2026 but only along party lines.
So the Senate still does not have one unified bill. Why is the White House stepping in?
Because the Senate is divided and the bill is stuck. So the White House is trying to force a compromise by focusing only on the yield issue, locking final wording, and moving the process forward before election politics take over the calendar.
Without a yield deal, nothing moves. No committee markup. No Senate progress.
Even if it passes committee, it still needs enough votes on the Senate floor and 60 votes if debate gets blocked..The House bill is broader than the Senate versions.
So even if the Senate passes something, both chambers still need to merge texts, most likely through a conference negotiation.
Signing the bill is the easy step. Agreeing on one final version is the hard part.
This is why Feb 10 is not a routine meeting.
The White House is trying to force a deal on the single issue blocking U.S. crypto regulation.
If compromise language is ready by end February, the bill can move forward. If not, delays continue and the market remains stuck in policy uncertainty.
