A White House meeting aimed at breaking a months-long stalemate between major US banks and cryptocurrency firms ended without any agreement, underscoring industry divisions that continue to threaten progress on landmark digital-asset legislation.
Reuters reporting on Tuesday said the closed-door session, convened by the White House’s crypto council on Monday, brought together representatives from the crypto industry and the banking industry in an effort to reach an agreement on stalled crypto market structure legislation.
Both sides emerged from the meeting describing it as constructive, but fundamental disagreements that upended the bill’s progress remained unresolved.
Representatives from trade groups for the banking and crypto industries were in attendance, including the American Bankers Association, the Independent Community Bankers of America, the Blockchain Association and The Digital Chamber.
Crypto market structure legislation has been held up by a clash between the two industries over how the bill treats interest and other rewards paid on stablecoins, a sticking point that has pitted the two sides against each other for months.
Banks have been pushing for language in the bill prohibiting the practice.
Crypto companies say providing rewards such as interest is crucial for recruiting new customers and that barring them from doing so would be anti-competitive.