# Patrick Witt, executive director of the White House Presidential Advisory Committee on Digital Assets, said he had asked American Bankers Association President Rob Nichols and other bank trade CEOs to attend the February meetings.

*fintech · news · 2026-05-11 · CryptoSlate*

## Key points

- The White House accused major bank trade CEOs of refusing to participate in stablecoin rewards talks in February.
- Council of Economic Advisers found banning stablecoin yield would marginally increase bank lending by only 0.02%.
- Galaxy Research estimates 60-70% of stablecoin growth could come from foreign users, not domestic deposit migration.
- Galaxy projects stablecoins could add up to $400 billion in US credit and lower Treasury yields by 3-5 basis points.
- Senate's CLARITY Act markup will test if banks can tighten stablecoin rewards restrictions at the final stage.

**Companies:** American Bankers Association, Coinbase
**Countries:** United States

[Read the full story on CryptoSlate](https://cryptoslate.com/white-house-reveals-us-banks-refused-to-attend-meetings-to-resolve-stablecoin-rewards-issue-in-clarity-act/)

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