White House Sets End of February Deadline! Stablecoin Yield Rules Become the "Life or Death" Line for U.S. Cryptocurrency Legislation

February 3 News, key disagreements surrounding the U.S. cryptocurrency market legislation are entering a “countdown” phase. Multiple sources indicate that the White House has explicitly requested the banking industry and cryptocurrency companies to reach a consensus by the end of February on the core issue of whether “stablecoins should be allowed to offer yields to users,” otherwise the legislative process will continue to be hindered.

According to informed sources, White House officials have recently organized multiple closed-door negotiations, inviting senior executives from traditional banking systems and digital asset institutions for face-to-face discussions, attempting to narrow the differences on stablecoin yield mechanisms, compliance boundaries, and risk management. The relevant meetings lasted over two hours and will continue in a small-scale format, focusing on technical adjustments to the bill’s wording.

Bank representatives, attending through industry associations, stated that they still need to consult their members before discussions. After the meetings, bank representatives publicly expressed their willingness to participate in developing a framework that balances innovation and financial stability, emphasizing that legislation should not weaken local lending capacity and should continue to support financing for families and small to medium-sized enterprises. Cryptocurrency industry representatives hope to retain the space for stablecoins to offer yields under compliance conditions to enhance product competitiveness and user attraction.

However, insiders within the White House pointed out that until substantial progress is made on these key issues, the related cryptocurrency regulation bill cannot smoothly proceed to the next legislative stage. Currently, these disagreements have become one of the biggest obstacles to implementing U.S. digital asset policies.

Meanwhile, the partial government shutdown has entered its fourth day. The House of Representatives is expected to vote on the funding bill this Tuesday. Trump has called for an early agreement to end the shutdown, emphasizing that no further modifications should be made to the plan already reached with the Senate. However, there are still significant disagreements between the two parties on issues such as immigration enforcement.

Analysts believe that if the government shutdown continues, it will further delay the progress of multiple financial policies, including stablecoin regulation and cryptocurrency market legislation. In the coming weeks, the game between banks and crypto companies over stablecoin yield rules may become a key indicator of the direction of U.S. crypto regulation.