- White House hosts crypto firms and big banks to ease tensions over stablecoin yield and access to Fed payment rails.
- Fed skinny master accounts draw support from crypto groups but pushback from banks citing risk and oversight gaps.
- Regulators will review divided comment letters before drafting rules, with Fed guidance expected later this year.
Crypto firms and major U.S. banks will meet Tuesday afternoon at the White House to address growing disputes. The talks involve stablecoin yield and the Federal Reserve’s proposed “skinny” master accounts. The meeting follows rising tensions between crypto companies, banks, and regulators over access to payment rails.
White House Meeting Brings Industry Leaders Together
According to Crypto In America, the White House scheduled the meeting to broker common ground. Senior policy staff will attend, rather than company chief executives. Representatives from banking and crypto trade groups will also participate.
Sources said Bank of America, JPMorgan, and Wells Fargo received invitations. Invites may also have reached PNC, Citi, and U.S. Bank. Coinbase Chief Legal Officer Paul Grewal is expected to attend.
While stablecoin yield remains the main agenda item, another issue looms large. The Federal Reserve’s proposed “skinny” master accounts have widened the divide. These accounts would grant eligible fintech firms limited access to Fed payment systems.
The proposal emerged after Fed Governor Christopher Waller raised the idea in October. The Fed then sought public comment in December. That process now shapes the White House discussions.
Comment Letters Show Industry Divide
The divide became clearer after 44 comment letters reached the Fed on Friday. Crypto firms and blockchain groups largely supported the proposal. Bank trade associations responded with caution.
Stablecoin issuer Circle said the accounts could strengthen payment system resilience. The Blockchain Payments Consortium also supported the plan. Its members include Fireblocks, Polygon, Solana, and TON.
However, Anchorage Digital raised concerns despite calling the proposal a positive step. It criticized limits on balance holdings, interest earnings, and clearing house access.
Bank groups focused on regulatory risk. The American Bankers Association cited limited supervisory histories. It also flagged inconsistent safety standards across eligible firms.
Regulatory Concerns and Next Steps
The Colorado Bankers Association warned of faster fraud risks under the proposal. Better Markets CEO Dennis Kelleher submitted a separate letter. He described the plan as an unjustified expansion of the Fed’s mandate.
The proposed accounts would benefit stablecoin issuers like Ripple and Circle. The Fed said it will review all submissions before drafting rules. Waller told Crypto In America he aims to release them in the fourth quarter.
