On February 10, the White House is hosting a meeting focused on stablecoins and the broader Crypto Market Structure Bill.
The White House has set an end of February deadline for lawmakers and industry leaders to resolve their differences, because the entire market structure bill is currently stuck on one key issue.
THE CORE PROBLEM: STABLECOIN YIELD
The biggest disagreement is simple on the surface:
Should stablecoin holders be allowed to earn yield?
Because the implications of this are massive. Banks strongly oppose it. Crypto firms strongly support it.
And this single issue has delayed the most important crypto bill the U.S. has tried to pass so far.
WHY BANKS ARE OPPOSING?
Traditional banks believe yield-bearing stablecoins could pull deposits out of the banking system.
Their argument is based on basic math:
• Savings accounts pay 0.3%-0.4%
• Checking accounts pay near 0%
• Stablecoins can offer 3%-4% incentives
If stablecoins scale with yield, banks fear trillions in deposits could slowly migrate out of the system.
Banking industry groups have warned lawmakers that up to $6T+ in deposits could be at risk long-term if this structure is allowed.
Why are crypto firms resisting a ban?
Crypto companies, especially exchanges, see yield as a core part of their business model.
Some firms have said clearly:
If yield is banned entirely, they would rather see no bill passed than accept a framework they believe protects banks at crypto’s expense.
That is how serious this disagreement has become.
The broader crypto market structure effort has been building for months:
• The House passed the CLARITY Act in July 2025 with strong bipartisan support.
• Separate Senate committees began drafting their own versions.
• But negotiations stalled once the stablecoin yield dispute escalated.
Since then:
• Committee markups have been delayed.
• Draft texts have been revised.
• Industry support has fractured.
That is why the White House stepped in directly.
This meeting is designed to force progress.
If a deal emerges, the next steps become possible:
1️⃣ Senate Banking Committee markup
2️⃣ Senate floor vote (requires 60 votes)
3️⃣ House Senate reconciliation
4️⃣ Final bill to the President
Without a yield compromise, the process cannot move forward.
There is another pressure factor:
THE 2026 MIDTERM ELECTIONS.
If legislation is not finalized before campaign season intensifies, the bill could be delayed into the next Congress. That would push full implementation years out.
So lawmakers are working within a limited window.
Stablecoins are now core financial infrastructure:
• Hundreds of billions in market size
• Trillions in annual transaction volume
• Critical liquidity rails for crypto markets
Regulatory clarity here will affect:
• Exchange operations
• DeFi growth
• Institutional participation
• Payment adoption
This is why the Feb 10 White House meeting is a pressure point moment.
If stablecoin yield disputes are resolved:
- The CLARITY Act path reopens
- Senate movement resumes
- Full market structure legislation becomes possible
If talks fail:
- The bill risks further delays
- Midterm politics take over
- Regulatory uncertainty continues, and the markets could experience more weakness.