The White House has convened a meeting of representatives from the banking and crypto industries to start talks on stablecoin yield and rewards. Those invited so far are mainly trade groups and lobbyists, with some companies sending policy staff to participate. The discussions are intended to identify possible compromises that might feed into the Senate Banking Committee’s negotiations on crypto market-structure legislation.
White House Stablecoin Yield Negotiations
The convening aims to address disagreements over how yield and rewards tied to stablecoins should be treated in upcoming legislation. Participants are expected to explore what each side could reasonably concede on the yield issue, and those conversations could form the basis for future bill language. These talks sit alongside other unresolved topics in the bill, such as AML/KYC rules for DeFi and governance questions.
Legislative Progress on Crypto Market Structure
The Senate Agriculture Committee held an hour-long hearing to consider amendments to its version of a market-structure bill, and the measure advanced on a party-line vote. Although some lawmakers expressed support for a bipartisan approach, several proposed amendments were voted down and the committee chair noted jurisdictional overlaps with the Banking Committee. A markup in the Banking Committee still appears likely in the coming weeks, but timing remains unclear.
Regulatory Agencies' Rulemaking Moves
SEC and CFTC leaders signaled renewed efforts to coordinate rulemaking and held a joint conference to discuss harmonization. At that event, the commodities regulator was directed to begin formal rulemaking on prediction markets and on tokenized collateral, steps that proceed independently of Congress. These agency actions indicate regulators are moving forward on technical frameworks while lawmakers continue their work.
Political Context and Funding
Political dynamics are a background factor as lawmakers shape crypto rules. Fairshake, a crypto-focused super PAC, announced it has just under $200 million available to deploy this year, a sum that could influence legislative attention even if its ultimate effect is uncertain. Separately, the Financial Stability Oversight Council will deliver its annual report to the House Financial Services Committee and the Senate Banking Committee on Feb 1.
Why this matters
If you run from one to a thousand mining devices in Russia, these developments are mostly about the rules that could shape the U.S. crypto market and international policy coordination. Stablecoin yield talks and committee action in the Senate can affect market infrastructure and the regulatory tone in major jurisdictions, which in turn influences exchanges, custody services and platforms you may use. Agency rulemaking on prediction markets and tokenized collateral could change how certain products are offered globally, even if the immediate impact on mining itself is limited.
What to do?
- Monitor the negotiations and committee activity so you can spot changes affecting platforms and service providers you rely on.
- Keep an eye on rulemaking notices from the SEC and CFTC, since formal rule proposals can alter product availability and compliance requirements.
- Review where your coins and proceeds are held and how yields are generated; ensure you can move funds or adjust service providers if counterparties change terms.
For broader background on recent U.S. policy shifts, see our crypto policy review 2025 and the U.S. crypto regulation 2025 roundup. For details on the Senate process surrounding the CLARITY framework, consult our piece on CLARITY Act progress.
