The American Bankers Association today participated in a meeting at the White House with other banking representatives and cryptocurrency leaders to discuss proposed crypto market structure legislation currently pending in Congress.
Congress last year passed the Genius Act, which created a regulatory framework for payment stablecoins. The market structure bill currently before the Senate would do the same for a broad range of digital assets. ABA and others have been urging senators to use the bill to close a loophole that could allow crypto firms to bypass the Genius Act’s prohibition on paying interest or yield on payment stablecoins. The White House convened the meeting to open lines of communication to move the market structure bill forward.
ABA joined other associations in a statement afterward thanking the Trump administration “for hosting today’s constructive conversation and for recognizing the importance of the banking industry’s perspective on market structure legislation.”
“As we shared in the meeting, we must ensure that any legislation supports the local lending to families and small businesses that drives economic growth and protects the safety and soundness of our financial system,” they said. “Banks of all sizes will continue to work with lawmakers, the White House and other stakeholders to help develop thoughtful, effective policy around digital assets.”
