Crypto, Banks Meet Again to Move Forward Crypto Bill

The White House refocused talks between crypto and bank lobbyists on limiting how stablecoin rewards are paid during a third meeting over a crypto market structure bill. Industry representatives met at the White House on Thursday for the third time in 16 days as the Senate seeks to pass legislation defining how US market regulators will police crypto.

No agreement was reached, but executives at Coinbase and Ripple said progress was made: Ripple’s chief legal officer Stuart Alderoty posted to X, 'We rolled up our sleeves and went through specific language today.' Paul Grewal, Coinbase’s head of legal, called the meeting 'constructive and the tone cooperative.' Blockchain Association CEO Summer Mersinger described it as 'a step forward' toward resolving stablecoin reward issues and advancing the market-structure bill.

White House crypto adviser Patrick Witt pushed for a trade-off that would let third parties, such as exchanges, offer stablecoin rewards only on transaction activity, not on balances.

United States, Washington, D.C.

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