The White House’s crypto council plans to host a summit for executives from trade groups representing the banking and cryptocurrency industries in an effort to restart progress that was being made on crypto legislation, Reuters reported Wednesday (Jan. 28). PYMNTS reported earlier in the month that the Senate Banking Committee had scheduled a markup of the crypto bill on Jan. 15 but postponed that meeting on Jan. 14 after crypto exchange Coinbase withdrew its support for the draft. PYMNTS reported on Jan. 15 that the friction around the crypto bill reflected long-running tensions between the crypto sector and the traditional banking industry. Banks were increasingly lobbying against crypto offerings that resemble deposit products, especially stablecoin rewards that, in their view, compete against regulated interest accounts. It was reported Tuesday (Jan. 27) that investment bank Standard Chartered said the rise of stablecoins could pose a grave threat to America’s regional banks.