BlockBeats News, February 11th, Today, the White House hosted the second Cryptocurrency Summit, bringing together teams representing the digital asset industry and traditional banking. The purpose of this meeting is to bridge the gap between the two sides on multiple issues, perhaps the most critical of which is the stablecoin yield issue.
Cryptocurrency journalist Eleanor Terrett stated that compared to the previous meeting, this was a “smaller scale, more efficient” meeting. The primary agenda item she listed was to ban stablecoins from generating yield, as banks claim this would harm their “public” loan business. Even though the reality is quite the opposite.
Ripple’s Chief Legal Officer Stuart Alderoty suggested that an agreement may be imminent: “Today’s meeting at the White House was productive – a spirit of compromise is forming. There is still a clear bipartisan momentum in wise crypto market structure legislation. We should act now while the window is still open to secure a real win for consumers and America.”
Coinbase’s Chief Legal Officer Paul Grewal said: “The crypto industry is ready to get to work, and we all have made progress. Of course, there is still more work to be done, and we hope all parties will continue to stay at the negotiating table and make the right choices.”
The banking industry remains stubborn on the stablecoin yield issue, but the U.S. government hopes to complete the work by the end of February.
