The White House is accelerating negotiations on legislation related to stablecoin revenue.
The White House has restarted negotiations on a cryptocurrency market structure bill. Tensions are rising between the cryptocurrency industry and traditional financial institutions, particularly as the focus shifts to regulatory direction surrounding the provision of returns on stablecoin deposits.
On Monday, a high-level meeting was held in the Eisenhower Executive Office Building near the White House, involving representatives from cryptocurrency organizations, major exchanges, and Wall Street bankers. According to a source familiar with the meeting, the White House instructed attendees to reach a compromise on the issue of stablecoin revenue payments by the end of the month.
The cryptocurrency industry is hailed as "the starting point of significant progress."
This discussion was confirmed by a Bloomberg report. According to the report, the Digital Chamber, in an internal memo distributed after the meeting, stated that "both the banking and cryptocurrency industries closely reviewed the existing policy proposal and clearly identified the key points of contention." While no agreement was reached immediately, the meeting itself is considered a significant step forward.
“Inaction is not an option,” said Cody Carbone, CEO of the Chamber of Digital Commerce. “Legislation is essential for the future of innovators and users, and this is significant because it begins a substantive discussion about how to do so.”
Summer Mersinger, CEO of the Blockchain Association (BA), also said on X (formerly Twitter) that it was “an honor to attend the meeting representing over 100 member companies and that this is an important step forward in the development of bipartisan cryptocurrency legislation.”
The Blockchain Association also said in a separate statement that “this discussion is a necessary step toward bridging the gap between industry and regulators and enabling the U.S. Congress to establish credible cryptocurrency regulations.”
The White House is shifting to a fact-based, solutions-focused approach.
Patrick Witt, Executive Director of the President's Digital Asset Advisory Council, who spearheaded the meeting, gave a positive assessment, saying, "The meeting was a constructive, fact-based discussion, and above all, solution-focused." He continued, "We have achieved breakthroughs on policy issues that have been difficult to resolve over the past few months. I am confident that we will also be able to quickly resolve the issue of stablecoin yields."
Last month, the White House also emphasized the urgent need for comprehensive legislation to address the cryptocurrency market structure. At the time, a White House spokesperson stated, "It is unrealistic for the cryptocurrency industry, which has grown to a multi-trillion-dollar market, to operate without clear regulation."
This negotiation is noteworthy as the first public attempt at compromise on the issue of stablecoin yield payments, a key point of contention between the cryptocurrency market and traditional financial institutions. With the White House urging the development of specific guidelines, discussions in the US Congress are expected to intensify in the coming weeks.
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The White House has also stepped in. Full-scale legislative negotiations have begun on regulations governing "stablecoin yield payments," a topic that has been elusive since the Terra-Luna incident. One of the most heated issues between cryptocurrencies and traditional finance is finally on the table.
But the important question here isn't simply "what percentage is the interest?"
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TP AI Precautions
This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
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