February 11 News: U.S. cryptocurrency and banking executives held a meeting at the White House today to discuss the stablecoin yield and related market structure legislation. Both parties described the talks as “productive,” but no agreement was reached on key issues. Participants included representatives from Ripple, the Cryptocurrency Innovation Committee, the Blockchain Association, as well as major banks such as Goldman Sachs, Citigroup, JPMorgan Chase, and the American Bankers Association.
Banks took a hard stance on stablecoin yields during the meeting. According to leaked documents, banks proposed a set of “prohibition principles,” advocating for a complete ban on any financial or non-financial benefits related to holding or using payment stablecoins, and strict enforcement of anti-avoidance measures to prevent any form of yield or interest promotion beyond the limits. This position goes beyond the latest draft of the market structure legislation, which only bans passive income generated from holding stablecoins but allows limited active reward activities. Banks emphasized that any yield exemptions should be strictly restricted.
The cryptocurrency sector responded strongly. Sources noted that crypto companies are particularly concerned about anti-avoidance and strict enforcement clauses, believing some provisions could stifle innovation. Dan Spoler, Executive Vice President of the Blockchain Association, also pointed out that the banks’ proposal is a broad prohibition principle rather than a specific legislative text, and significant disagreements remain.
Despite this, some participants remain optimistic about the prospects of the market structure legislation. Ripple Chief Legal Officer Stuart Alderoty stated that both sides are seeking a compromise and maintain consensus on reasonable crypto market legislation. Paul Grewal, Chief Legal Officer of the largest compliant U.S. CEX, also said the meeting made progress but emphasized that much work remains.
This meeting indicates that U.S. stablecoin regulation is shaping a new policy framework, but there is still a deadlock between banks and crypto companies on yield restrictions. In the future, the Senate Banking Committee may become a key player in advancing related legislation, with market attention focused on how regulatory details will impact stablecoin development and the crypto market structure.
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