In a significant move towards bridging the gap between the cryptocurrency and traditional banking sectors, Ripple CEO Brad Garlinghouse confirmed that the company’s chief legal officer, Stuart Alderoty, attended a high-level meeting at the White House on Thursday. The meeting, which included representatives from both industries, focused on the ongoing discussions around a market structure bill under consideration in the US Senate, particularly the contentious provisions related to stablecoin yield.
Building Consensus on Stablecoin Yield
Garlinghouse’s comments came in the wake of earlier unconfirmed reports suggesting that the Trump administration was planning to follow up on its February 10 meeting on the CLARITY Act, a bill aimed at establishing a regulatory framework for digital assets. The February meeting, however, did not result in a consensus on stablecoin yield provisions, a critical issue for both the crypto and banking sectors.
The CLARITY Act, which passed the US House of Representatives in July, has faced several delays in the Senate. These delays have been attributed to a range of factors, including two government shutdowns—one of which was the longest in US history, lasting 43 days in 2025—and concerns from Democratic lawmakers about conflicts of interest. Advocacy groups have also pushed for the inclusion of provisions related to decentralized finance, tokenized equities, and stablecoin yield.
Policymakers and Industry Leaders Gather at Mar-a-Lago
The White House meeting came a day after a forum hosted by World Liberty Financial, a company founded by the Trump family, at President Donald Trump’s private Mar-a-Lago club. The event brought together policymakers, including CFTC Chair Michael Selig, two US senators, and representatives from the crypto industry. Ohio Senator Bernie Moreno expressed optimism about the CLARITY Act, stating that he expects the bill to pass through Congress and be ready for the president’s signature by April.
Cointelegraph reached out to Ripple for further comment on Alderoty’s participation, but did not receive a response by the time of publication. White House crypto advisers Patrick Witt and David Sacks also remained silent on the event.
Market Structure Bill Faces Challenges
Despite the recent meetings, the market structure bill faces significant hurdles in the Senate. The Senate Agriculture Committee advanced its version of the bill in January, but the crucial Senate Banking Committee has delayed its markup session indefinitely. This delay is largely due to opposition from Coinbase CEO Brian Armstrong, who has raised concerns about provisions that would restrict rewards paid on stablecoin holdings and potentially weaken the CFTC’s role in favor of broader SEC authority.
Armstrong’s objections have also included concerns about the bill’s impact on tokenized equities, which he believes could stifle innovation in the crypto space. The Senate Banking Committee has not yet rescheduled the markup, leaving the fate of the CLARITY Act uncertain.
Looking Forward
As the crypto and banking industries continue to engage with policymakers, the outcome of these discussions will have far-reaching implications for the regulatory landscape of digital assets. The upcoming months will be crucial as both sectors work towards finding a balanced approach that fosters innovation while ensuring consumer protection and market stability. The industry’s ability to navigate these challenges will play a significant role in shaping the future of cryptocurrency and its integration into the broader financial system.
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