February 11 News: U.S. cryptocurrency and banking executives held a meeting at the White House today to discuss the stablecoin yield and related market structure legislation. Both parties described the talks as “productive,” but no agreement was reached on key issues. Participants included representatives from Ripple, the Cryptocurrency Innovation Committee, the Blockchain Association, as well as major banks such as Goldman Sachs, Citigroup, JPMorgan Chase, and the American Bankers Association.
Banks took a hard stance on stablecoin yields during the meeting. According to leaked documents, banks proposed a set of “prohibition principles,” advocating for a complete ban on any financial or non-financial benefits related to holding or using payment stablecoins, and strict enforcement of anti-avoidance measures to prevent any form of yield or interest promotion beyond the limits. This position goes beyond the latest draft of the market structure legislation, which only bans passive income generated from holding stablecoins but allows limited active reward activities. Banks emphasized that any yield exemptions should be strictly restricted.
The cryptocurrency sector responded strongly. Sources noted that crypto companies are particularly concerned about anti-avoidance and strict enforcement clauses, believing some provisions could stifle innovation. Dan Spoler, Executive Vice President of the Blockchain Association, also pointed out that the banks’ proposal is a broad prohibition principle rather than a specific legislative text, and significant disagreements remain.
Despite this, some participants remain optimistic about the prospects of the market structure legislation. Ripple Chief Legal Officer Stuart Alderoty stated that both sides are seeking a compromise and maintain consensus on reasonable crypto market legislation. Paul Grewal, Chief Legal Officer of the largest compliant U.S. CEX, also said the meeting made progress but emphasized that much work remains.
This meeting indicates that U.S. stablecoin regulation is shaping a new policy framework, but there is still a deadlock between banks and crypto companies on yield restrictions. In the future, the Senate Banking Committee may become a key player in advancing related legislation, with market attention focused on how regulatory details will impact stablecoin development and the crypto market structure.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Japan's government bond yields approach multi-decade highs, with 10-year bond yields rising to 2.32%
On March 23, Japanese government bond prices fell, with yields rising to their highest levels in decades. Market concerns over escalating Middle East conflicts pushed inflation expectations higher. The 10-year government bond yield reached 2.32%, approaching historical highs, while the 5-year government bond yield also neared its highest levels since listing. U.S. Treasury yields also rose.
GateNews43m ago
Gate Daily Report (March 23): MicroStrategy Releases Bitcoin Buy Signal; MajiDaBro's ETH Liquidation Incurs Losses of 30.35 Million
Bitcoin has continued to decline to around $67,950, with MicroStrategy founder Michael Saylor reiterating a buy-the-dip strategy. Huang Licheng's highly leveraged ETH position was completely liquidated, with losses exceeding $30.35 million. Fidelity has called on the US SEC to improve its regulatory framework for crypto assets. US stocks have broadly declined, and market sentiment remains cautious.
MarketWhisper55m ago
South Korean President Nominates BIS Official Shin Hung-song as Central Bank Governor, Who Has Previously Questioned Stablecoin Risks
South Korean President nominates Shin Hung-song, head of the Monetary and Economic Department at the Bank for International Settlements, as the next governor of the Bank of Korea. He has previously expressed concerns about Korean won stablecoins, believing they could lead to capital outflows and affect financial stability. The public is watching to see if his stance on stablecoins will change after he takes office.
GateNews1h ago
Why Did Bitcoin Fall Today? Trump's 48-Hour Ultimatum Triggers Market Panic
Bitcoin declined to $67,979.57 today, primarily affected by US-Iran tensions, higher-than-expected US PPI data, and whale short-selling activity. Global markets face stagflation pressure, with $70,000 serving as a key support level. If this level is breached, prices could potentially decline to $68,000.
MarketWhisper1h ago
China Expands Digital Renminbi Banking Support, But Mainstream Adoption Remains Slower Than Expected
China’s digital renminbi CBDC has expanded its banking support to over 20 institutions, but its adoption remains slow due to its low yields and broader market competition.
The People’s Bank of China (PBOC) has expanded the digital renminbi’s banking support by 12 more institutions. China’s
Blockzeit2h ago
Citigroup Slashes Bitcoin and Ethereum 12-Month Price Targets, Citing Stalled U.S. Crypto Legislation Weighing on Upside Catalysts
Citigroup has lowered its 12-month price targets for Bitcoin and Ethereum, signaling a shift toward caution on the cryptocurrency market's medium-term outlook, primarily due to slow progress in U.S. crypto asset legislation. Bitcoin's target was reduced from $143,000 to $112,000, while Ethereum's fell to $3,175. Despite upside potential remaining in the future, the lack of new policy catalysts suggests prices may oscillate within a range in the near term. Citigroup's assessment of Ethereum is more cautious, as it believes the asset is more significantly impacted by on-chain activity.
区块客2h ago
