📅 February 19 - United States | The White House once again brought the crypto industry and the banking sector face to face. In a third closed-door meeting—described by participants as “constructive”—progress was made on the technical and political framework for dealing with yields in stablecoins, one of the last remaining issues to finalize a crypto market structure law.
📖The meeting, which began at 9 a.m. The meeting, which lasted several hours, focused on reconciling two opposing positions: banks argue that allowing direct yields erodes deposits and puts community banks at risk; crypto players maintain that prohibiting such yields would stifle innovation and legitimate use cases.
In practice, the discussion revolves around technical differences (stablecoins as means of payment versus financial products?) and policy differences (how to prevent circumvention of rules through third parties).
The White House has held these sessions with the goal of finding a balance that protects consumers and maintains US competitiveness, but a source familiar with the matter said the intention was to keep participants "until a deal is struck," and that so far they have not succeeded.
On the legislative front, the negotiation directly impacts the draft that divides jurisdiction between the SEC and the CFTC and which still contemplates several amendments: an amendment from the Senate Banking Committee would allow exchanges to offer yield if the user performs certain actions (for example, selling their stablecoins), but would prevent simply holding the currency from generating a return.
Banks, for their part, proposed very broad prohibitive principles against any profit linked to stablecoins, while crypto groups presented more flexible frameworks that include post-enactment studies to measure the effects on bank deposits.
The political context complicates progress: the conflict of interest surrounding those linked to the president continues to influence votes; the Agriculture Committee approved a version without Democratic support due to these tensions.
Even so, voices like Ripple's hope that pressure from the White House will push for a solution before April, and prediction markets have shown fluctuations regarding the likelihood of approval.
Topic Opinion:
If consumer protection is prioritized and anti-evasion safeguards are incorporated, an agreement that allows for responsible innovation is possible.
💬 Do you believe the White House will be able to forge a technical consensus without being swayed by politics?
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