Officials in US President Donald Trump’s administration met with representatives from the cryptocurrency and banking industry to discuss how to address stablecoin yield in the market structure bill under consideration in the Senate.
In a Monday X post, The Digital Chamber, a crypto advocacy organization, said its CEO, Cody Carbone, and others had met at the White House to discuss provisions within the Digital Asset Market Clarity (CLARITY) Act, for which a markup was postponed by the Senate Banking Committee in January. Among the issues lawmakers are expected to address before returning to markup were tokenized equities, decentralized finance, ethics for elected officials investing in crypto, and stablecoin rewards.
White House digital assetsadviser Patrick Witt described the Monday meeting as “constructive, fact-based” and “solutions-oriented,” saying he was “confident” representatives and officials would reach a solution soon. Others in attendance included representatives from the Crypto Council for Innovation, American Bankers Association, and the Blockchain Association.
The meeting took place as a partial US government shutdown entered its third day, after lawmakers were unable to reach a deal on a funding bill. Many Democrats have demanded changes to immigration enforcement policies after Immigration and Customs Enforcement (ICE) and Border Patrol actions in US cities, including Minneapolis.
Market structure moving forward in Senate
The Senate Agriculture Committee passed its version of the market structure bill last week without Democratic support, after Democrats raised objections to elected officials holding digital assets.
Both the Senate Banking Committee, which is handling how the US Securities and Exchange Commission will oversee digital assets, and the Agriculture Committee, which is handling efforts with the Commodity Futures Trading Commission, will likely need to combine their bills before the full chamber can hold a floor vote.
The challenge centers on provisions in existing and proposed legislation. The GENIUS Act for stablecoins specified that issuers cannot pay interest, but left the door open for others to do so, including potentially the subsidiary of an issuer. For example, stablecoin issuer Anchorage Digital has adopted that subsidiary approach for ‘rewards’. A clause in the Senate Clarity Act bill effectively banned most third party interest and rewards. Crypto exchange Coinbase withdrew support for the Act for four reasons, with rewards a major one. In Q3 2025, Coinbase’s net revenues from stablecoins were $243 million, representing 56% of Coinbase’s net income. These revenues include a profit sharing deal with stablecoin issuer Circle, given Coinbase was the co-founder of the USDC stablecoin via the Centre consortium.
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