The White House has brokered a meeting between banking and cryptocurrency industry representatives in an effort to finalize a deal on stablecoin yields by the end of February. This compromise is seen as crucial to advancing broader crypto market structure legislation. While crypto industry representatives expressed optimism, banking officials maintained their opposition to stablecoin rewards.
The White House is pushing for a resolution on stablecoin yields this month to unblock a key cryptocurrency market structure bill. Following a meeting with industry leaders, Patrick Witt of the President’s Council of Advisors on Digital Assets stated he was confident a breakthrough could be reached. The bill’s progress had previously stalled after Coinbase withdrew support over the proposed ban on yield.
Banking representatives, however, have not softened their position. The American Bankers Association released a statement calling for policy that protects the traditional financial system. Alex Thorn of Galaxy doubted the banking sector’s willingness to compromise.
In contrast, crypto industry groups viewed the talks positively. Summer Mersinger, CEO of the Blockchain Association, called the meeting an important step forward. The Digital Chamber also echoed an optimistic tone about the legislative effort.
Market sentiment on the bill’s passage shifted slightly following the discussions. Odds on the prediction platform Polymarket slipped from 65% to 60%, though they remain higher than earlier in the week. It remains uncertain if a compromise will be reached by the White House’s end-of-February deadline.
