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A stablecoin meeting held at the White House in early February, attended by prominent figures from the cryptocurrency and banking sectors, ended without a conclusion.
Following this, representatives from the crypto and banking sectors will meet for a third time to find a solution.
According to US cryptocurrency journalist Eleanor Terrett, representatives from the crypto and banking sectors are meeting for the third time at the White House today to resolve their long-standing disagreement over stablecoin regulation.
In the first two meetings, the parties failed to reach an agreement on stablecoin yields. The banking sector’s unwillingness to compromise on stablecoin interest rates, and its insistence on a complete ban on stablecoin yields, brought the negotiations to a standstill. Conversely, they argue that imposing interest/yield restrictions on stablecoins could stifle innovation and weaken competition in the crypto space.
Terrett stated that the third meeting would also focus on the debate over whether stablecoins should be given interest or yield, and that a small number of officials from the crypto and banking sectors would attend.
Terrett also stated that Coinbase Chief Legal Officer Paul Grewal, Ripple Chief Legal Officer (CLO) Stuart Alderoty, a16z partner Miles Jennings, and other banking and cryptocurrency trading representatives attended the White House meeting.
These meetings, the third of which will be held today, are directly related to the critical cryptocurrency market bill, the CLARITY Act, which is stalled in the US Senate. The bill is unable to progress due to disagreements over stablecoin yields.
*This is not investment advice.
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