The White House met to discuss the future of crypto-market structure in the United States. However, a major disagreement emerged: stablecoin reward. Representatives from the industry and legal officials described progress in achieving broad goals. However, they stressed that certain features of stablecoin yields remain unresolved.
Dan Spuller is the co-founder and participant of Everstake. He said that in this follow-up session the discussion shifted to “serious problems-solving” rather than a broad one. The focus was on the last sticking point, which concerned how stablecoins should be treated within the new legislative framework. Spuller said that banks came with broad prohibitive principles rather than edits specific to the bill draft text. This is in contrast to the crypto companies’ desire for clearer consumer incentives.
Spuller confirmed that Trump’s administration was committed to continuing stakeholder discussions. Patrick Witt and members of the Blockchain Association, as well as representatives from Coinbase and Ripple and a16zcrypto and Crypto Council for American Innovation were thanked for their participation. It is implied that there will be a continued discussion and support for the crypto community, despite differences.
Industries Voices Urge Bipartisan Swift Action
Stuart Alderoty also spoke out. Stuart Alderoty, Ripple’s chief legal officer, also weighed in.
Spuller shared a screenshot that contains a quote attributed by Summer Mersinger, CEO of the Blockchain Association. The second White House Meeting was framed as a sign of the momentum towards bipartisan legislation, and a constructive engagement between stakeholders. Mersinger thanked the administration for its leadership, and reaffirmed his commitment to working with policymakers in order to turn discussions into law.
In spite of these encouraging signals, several news sources reported that traditional banks and crypto companies continue to be divided over the issue of stablecoins. The banks argue that it is necessary to impose broad restrictions in order to prevent risks on the market and protect their deposit base. Crypto representatives, meanwhile, warn that too strict limits to stablecoin incentives can hinder innovation and competition.
Both sides are urging a continued engagement in negotiations and sustained dialogue to achieve a legislative final outcome.