The White House meeting failed to reach an agreement on stablecoin yields, and disagreements remain between the crypto industry and banks.
PANews reported on February 3 that the White House convened representatives from the crypto industry and Wall Street banks to discuss the Senate's Crypto Market Structure Bill, but the two sides failed to reach an agreement on terms related to stablecoin yields. The meeting, chaired by Patrick Witt, President Trump's crypto advisor, aimed to advance the bill's legislative process.
The meeting primarily focused on whether stablecoins should be pegged to yields and rewards. While crypto industry representatives expressed optimism about the progress, banking representatives failed to propose concrete compromises. The White House has urged all parties to achieve substantial progress on technical terms within the month to push the bill through the Senate Banking Committee.
Banking representatives stated that any legislation must ensure support for loans to local households and small businesses while safeguarding the security and robustness of the financial system. Crypto industry representatives emphasized that legislation should not punish innovators and consumers who see digital assets as the foundation of the future of finance.
The bill has passed the House of Representatives and the Senate Agriculture Committee. Next, it needs to pass the Senate Banking Committee, but it still faces numerous obstacles in negotiations between Republicans, Democrats, the crypto industry, the banking sector, and the White House, including issues such as stablecoin yields, anti-corruption provisions, and protection of illicit finance.
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