Details of the White House stablecoin yield meeting revealed

According to ME News, on February 11 (UTC+8), the White House held a meeting on stablecoin yields. Representatives from participating banks and the crypto industry described the meeting as "productive," but no final compromise was reached. The meeting discussed specific transaction terms in detail. Bank representatives submitted a written document outlining "prohibition principles," clarifying their bottom line on stablecoin yields. Sources indicated that a key concession from the banking industry was reflected in the second clause, "any proposed exemption," after banks had previously completely refused to discuss transaction-based yield exemptions. Ripple's Chief Legal Officer stated that "an atmosphere of compromise is forming." The meeting focused on the scope of "permitted activities," namely the types of account activity allowed when crypto companies offer yields. The crypto industry wanted a broad definition, while the banking industry demanded a narrower scope. The next step will be continued discussions in the coming days, but it is uncertain whether another meeting of similar scale will be held before the end of the month. The White House urged both sides to reach an agreement by March 1. This meeting was smaller than the first, chaired by the Executive Director of the Presidential Crypto Council, with staff from the Senate Banking Committee in attendance. Representatives from the crypto industry included executives from Coinbase, a16z, Ripple, and Paxos, while representatives from the banking sector included Goldman Sachs, JPMorgan Chase, Bank of America, and other institutions and industry associations. (Source: ME)