The White House recently convened government officials, banking representatives, and crypto industry groups for another round of discussions, focusing on the pending Digital Asset Market Structure Act and exploring regulatory classifications for stablecoin rewards. This issue is a major obstacle in advancing the CLARITY Act, with multiple rounds of negotiations having taken place previously. This meeting is a continuation of those discussions.

The gathering included officials from U.S. government agencies, representatives from banking institutions, and members of the Innovation Crypto Committee (CCI), which represents major digital asset companies. The core topic of the discussion was whether it is possible to design a stablecoin reward mechanism without classifying stablecoin issuers as deposit-taking institutions. Essentially, the debate centers on whether stablecoin rewards (also known as yields or interest) should be regulated in the same way as bank interest-bearing deposits.

Stablecoin rewards are among the most controversial topics in the digital asset market structure discussions. Banks and crypto industry players hold opposing views: banks warn that rewards attached to stablecoins could blur the line between payment tools and traditional bank deposits, leading to regulatory confusion; meanwhile, crypto companies argue that banning stablecoin rewards would significantly reduce the market competitiveness and practical utility of USD-pegged stablecoins, and could even drive related technological innovation overseas.

After the meeting, Ji Hun Kim, CEO of the Innovation Crypto Committee, issued a statement saying that the discussion was an in-depth communication focused on substantive work, and that more related consultations will follow. He stated that the meeting built on prior communications and aimed to establish a regulatory framework that serves American consumers while enhancing the U.S.'s global competitiveness. The committee and its members will continue to promote legislative progress through constructive dialogue, ensuring that the U.S. remains a leader in responsible digital asset innovation.

As of now, no agreements have been announced from the White House meeting, and it remains unclear whether U.S. lawmakers will be able to resolve this core dispute within the current legislative session to further advance the CLARITY Act. The White House has not yet responded to requests for comment.