White House Meets With Industry Over Clarity Issues… Industry: “Talks on Yield and Compensation Positive”

A closed-door meeting on stablecoins held at the White House reportedly saw the banking sector and the digital-asset (cryptocurrency) industry engage in relatively constructive discussions over stablecoin yield models and compensation structures.

According to Eleanor Terrett, host of Crypto America, the meeting on the 2nd (local time) lasted about 2 hours, focusing on the opportunities and risks posed by stablecoin yield models. Participants are said to have shared their respective positions and regulatory red lines with relative clarity, and the overall tone was reportedly amicable.

A number of organizations representing the banking and financial sector as well as the digital-asset (cryptocurrency) industry attended. On the banking and financial policy side, the lineup included the Bank Policy Institute, the American Bankers Association, the Financial Services Forum, the Independent Community Bankers of America, and the Consumer Bankers Association.

From the digital-asset and tech industry, attendees included Fidelity, PayPal, Coinbase, Kraken, Ripple, Tether, Circle, Crypto.com, Paxos, Stripe, Galaxy Digital, and Multicoin Capital. Industry groups such as the Blockchain Association, the Digital Chamber, and the Crypto Innovation Council also participated.

The attendee mix was described as roughly a 3-to-1 ratio of crypto-industry participants to bankers, and all attendees were said to have had an opportunity to speak. However, David Sacks—known within the White House as the “crypto and AI czar”—did not attend. The meeting was reportedly led by Patrick Witt, executive director of the Crypto Council.