White House Hosts Crypto and Bank Leaders Amid Stablecoin Yield and Fed Account Dispute

Crypto firms and major U.S. banks are set to meet at the White House on Tuesday afternoon as tensions rise over stablecoin yield and the Federal Reserve’s proposed “skinny” master accounts. According to Crypto In America, the meeting is intended to help broker common ground between the traditional banking sector and the crypto industry, which remain divided on key regulatory and infrastructure issues shaping the future of digital payments in the United States.

The White House crypto meeting will include senior policy staff rather than company CEOs, along with representatives from leading banking and crypto trade associations. Sources indicate that Bank of America, JPMorgan, and Wells Fargo have been invited, with possible participation from Citi, PNC, and U.S. Bank. Coinbase Chief Legal Officer Paul Grewal is also expected to attend, highlighting the growing importance of regulatory engagement for major crypto platforms.

While stablecoin yield is expected to be the primary topic, disagreements over the Fed’s proposed skinny master accounts have added urgency to the discussion. These accounts would provide eligible fintech and crypto firms with limited access to the Federal Reserve’s payment rails, potentially reducing reliance on intermediary banks. Crypto companies largely view the proposal as a step toward fairer competition and improved payment system resilience, while bank groups have expressed concerns about regulatory risk and financial stability.

The divide became evident after the Federal Reserve received 44 public comment letters on the proposal. Stablecoin issuer Circle argued that skinny master accounts could strengthen the overall payments infrastructure, and the Blockchain Payments Consortium, which includes Fireblocks, Polygon, Solana, and TON, said the move could reduce risk concentration among a small number of banks. Anchorage Digital also supported the proposal in principle but criticized restrictions such as the lack of direct access to the Fed’s automated clearing house and limits on holding balances or earning interest on reserves.

Banking associations pushed back strongly, warning that many eligible firms lack long-term supervisory histories and consistent safety standards. The American Bankers Association and the Colorado Bankers Association both raised concerns about fraud risk and regulatory gaps. Better Markets CEO Dennis Kelleher went further, calling the proposal a reckless expansion of the Fed’s mandate.

The outcome of the White House meeting could influence how the Fed finalizes rules for skinny master accounts, which Governor Christopher Waller hopes to release in the fourth quarter, and may shape the future of stablecoin regulation and crypto-bank collaboration in the U.S.