White House stablecoin summit turns ‘productive,’ final agreement still pending

The crypto market bill moved closer to advancement after a smaller but more focused White House meeting signaled progress on stablecoin yield negotiations. Participants from major banks and crypto firms called the session productive, despite not reaching a final agreement.

Journalist Eleanor Terrett reported that both sides found the discussion “productive,” even though major issues remain unsolved. Notably, the White House has called on negotiators to reach an agreement by March 1, adding pressure on stakeholders to finalize terms for stablecoin yield and broader crypto market structure legislation.

Lawmakers push talks toward narrower gaps

The meeting centered on whether crypto companies can provide incentives for the use of stablecoins and what constitutes acceptable activity. Banking representatives entered the room with a written set of “prohibition principles” outlining firm boundaries for stablecoin rewards.

However, sources indicated a significant change. Banks included language referencing “any proposed exemption,” a change from earlier resistance to talking about transaction-based reward exemptions. As a result, negotiators considered more detailed compromise pathways than in previous sessions.

Crypto participants argued for broader definitions of permissible activities. Meanwhile, banks advocated for stricter standards to reduce risk exposure. Despite those differences, the discussions reportedly got more granular and solution-oriented.

Executive Director of the President’s Crypto Council Patrick Witt chaired the session. Senate Banking Committee staff also attended, signaling legislative alignment with executive-level discussions.

Industry leaders signal bipartisan momentum

Stuart Alderoty, Ripple’s Chief Legal Officer, publicly reinforced the tone of progress. He said compromise is “in the air” and stressed that bipartisan momentum to pass sensible legislation on crypto market structure remains intact. 

Paul Grewal, Coinbase’s Chief Legal Officer, said similar things. He thanked White House officials for hosting the session and noted that crypto representatives arrived prepared to work. He acknowledged, “There’s still more work to do for sure, and we hope everybody will stay at the table to do what’s right.”

Attendees from the crypto side included executives from Coinbase, a16z, Ripple, Paxos, the Blockchain Association, and the Crypto Council for Innovation. On the banking side, representatives from Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citi, PNC Bank, and U.S. Bank were present, as were trade groups such as the Bank Policy Institute, the American Bankers Association, and the ICBA.

Terrett noted, “It was a smaller, more productive meeting than the first and both sides are talking about ways to solve the issues at hand, but no final resolution has been reached yet.” Although banking groups issued a joint statement after the meeting, they revealed no concrete steps forward. The crypto market bill has gained public support from senior officials. U.S. Treasury Secretary Scott Bessent recently urged leaders to reach a deal, scornful of resistance to a deal as a drag on progress.