The White House convened a closed-door meeting this Monday with representatives from the crypto industry and traditional banking to discuss stablecoin rewards, a core point of contention in crypto legislation. Participants included Coinbase, several crypto industry associations, and banking organizations. The meeting was chaired by Patrick Witt, a member of the President's Digital Asset Advisory Council. Crypto industry representatives generally spoke positively of the meeting. Summer Mersinger, CEO of the Blockchain Association, stated that the meeting was an important step in pushing bipartisan legislation on the structure of the digital asset market, with stablecoin rewards being one of the remaining key points of contention. Cody Carbone, CEO of the Chamber of Digital Commerce, also stated that the parties had identified key pain points and potential compromise directions, but a final solution had not yet been reached, with the goal of establishing a path by the end of February. The report points out that the stablecoin rewards issue mainly centers on whether to allow third-party platforms (such as Coinbase) to offer rewards to stablecoin holders. Banking organizations continue to oppose such practices, fearing they could divert bank deposits, impact community bank lending capacity, and criticizing the previously passed GENIUS stablecoin bill for regulatory loopholes on this issue. Sources familiar with the matter said the banks took a relatively hard line during the meeting, limiting the flexibility of the negotiations. The White House plans to narrow the scope of subsequent consultations, pushing all parties to make decisions on specific compromises in future meetings. (The Block)

U.S. President Donald Trump stated he was unaware of the $500 million acquisition of WLFI shares by UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan, indicating that such matters are handled by his son and family members. According to Foresight News, this statement follows a report by The Wall Street Journal, which highlighted U.S. Senator Elizabeth Warren's call for a congressional hearing on the transaction. The deal, signed by Eric Trump, involved $187 million flowing directly to Trump family entities, with at least $31 million going to entities linked to Trump ally Steve Witkoff.

Tether has announced the launch of its open-source operating system, Mining OS (MOS), designed for real mining infrastructure. According to Odaily, the system features modularity and scalability, tailored for energy, hardware, and data processing needs. Documentation for MOS is now available, and a Discord community has been established for developers to engage and collaborate.

White House crypto advisor Patrick Witt stated that the meeting regarding stablecoin rewards and yields was constructive, fact-based, and solution-oriented. (Cointelegraph)

According to data from msx.com, at yesterday's US stock market close, the Dow Jones Industrial Average rose 1.05%, the S&P 500 rose 0.54%, and the Nasdaq Composite rose 0.56%. Cryptocurrency stocks generally fell, with SBET falling over 12.27%, ETHZ falling over 10.49%, HOOD falling over 9.62%, and BMNR falling over 9.16%. msx.com is a decentralized RWA trading platform that has listed hundreds of RWA tokens, covering US stock and ETF tokens such as AAPL, AMZN, GOOGL, META, MSFT, NFLX, and NVDA.

The Altcoin Season Index from CoinMarketCap has decreased by two points to 30, highlighting a decline in altcoin performance relative to Bitcoin. According to NS3.AI, this index evaluates the performance of the top 100 cryptocurrencies, excluding stablecoins and wrapped tokens, over the last 90 days. A reading below 75 suggests that Bitcoin is outperforming most altcoins, indicating a Bitcoin season rather than an altcoin season.

Tether announced on its X platform the release of Mining OS (MOS), an open-source operating system for real-world mining infrastructure. This modular and scalable system is designed for energy, hardware, and data processing. MOS documentation is now available, and a Discord community has been established for developers to exchange ideas.

The American Bankers Association (ABA) issued a statement regarding a White House meeting on the crypto industry held that day. The meeting aimed to advance legislation related to crypto market infrastructure and invited representatives from both crypto companies and traditional banks to participate. In its statement, the ABA thanked the Trump administration for facilitating this "constructive dialogue" and noted that the meeting acknowledged the concerns of traditional banks regarding digital asset legislation. However, the ABA also emphasized that any related legislation must support local credit supply to households and small and medium-sized enterprises to maintain the safety and soundness of the financial system. Furthermore, the ABA called on senators to close regulatory loopholes that could allow crypto companies to pay stablecoin interest or yields to consumers, arguing that this issue is one of the core points of contention between traditional banks and the crypto industry. The banking industry is concerned that such arrangements could exacerbate deposit outflows or force banks to raise deposit rates to compete. The report states that the White House is expected to continue pushing for follow-up consultations to find a compromise between supporting digital asset innovation and maintaining the traditional financial system. (Crowdfund Insider)

On Feb 03, 2026, 00:58 AM(UTC). According to Binance Market Data, Bitcoin has crossed the 79,000 USDT benchmark and is now trading at 79,010 USDT, with a narrowed 1.79% increase in 24 hours.

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