White House session ends in impasse as banks demand restrictive parameters on stablecoin rewards
White House talks on stablecoin yield ended in an impasse as banks pushed for broad prohibitions, facing strong pushback from crypto firms.Summary
A recent White House meeting between U.S. crypto and banking executives regarding stablecoin yield concluded without a definitive resolution, stalling progress on the broader crypto market structure act. Banks, including Goldman Sachs, Citi, and JPMorgan Chase, maintained a hard line, demanding a broad ban on any financial or non-financial benefits tied to holding payment stablecoins, citing risks of deposit drain and liquidity issues. Crypto representatives, including those from Ripple and Coinbase, strongly opposed these restrictive principles, particularly concerning enforcement and anti-evasion measures, arguing that restricting yields stifles innovation. Despite the impasse, some crypto attendees expressed optimism about the market structure legislation's bipartisan momentum, though the immediate next steps remain unclear, with the matter seemingly returned to the Senate Banking Committee.
(Source：The Block)