The White House is pushing back against bank lobbying, arguing the risks are being overstated. Its economic advisors estimate that banning stablecoin yield would only increase bank lending by about $2.1 billion, while costing consumers around $800 million in lost benefits.

Officials like Patrick Witt have openly criticized banks, suggesting their opposition is driven more by self-interest than systemic risk. Meanwhile, the legislative timeline is tight. If the Senate Banking Committee fails to move forward soon, the chances of passing stablecoin legislation in 2026 could quickly fade, leaving the regulatory future of the sector uncertain.