A White House-brokered meeting between crypto and banking representatives aimed at resolving stablecoin provisions in a US crypto market structure bill was described as “productive,” but ended without an agreement.
What participants said
Ripple’s chief legal officer Stuart Alderoty wrote on X:
“Productive session at the White House today — compromise is in the air.”
Alderoty added:
“Clear, bipartisan momentum remains behind sensible crypto market structure legislation. We should move now — while the window is still open.”
Why the bill is stuck
Congress is working on legislation to define how US market regulators should oversee crypto.
The House passed a similar measure, the CLARITY Act, in July, but the effort has stalled as the Senate Banking Committee has not secured enough bipartisan support to advance it.
The push also lost momentum after Coinbase pulled its support last month over provisions that would prohibit all yield payments tied to stablecoins.
Banking lobbyists have argued that yield paid to stablecoin holders through third-party platforms such as exchanges could threaten bank deposits.
Stablecoin rewards remain the flashpoint
Tuesday’s meeting was the second in two weeks at the White House.
White House crypto adviser Patrick Witt previously described the Feb. 2 session as “constructive” and “fact-based.”
Blockchain Association industry affairs lead Dan Spuller said the latest meeting was narrower and focused on “serious problem-solving,” adding:
“Stablecoin rewards were front and center.”
Spuller also said:
“Banks did not come to negotiate from the bill text, instead arriving with broad prohibitive principles, which remains a key disagreement.”
Three banking trade groups said in a joint statement that more “ongoing discussions” are needed, while BitGo CEO Mike Belshe argued the market structure bill should not be delayed over stablecoin yield disputes.
