Latest White House talks on stablecoin yield make 'progress' with banks, no deal yet

Participants said more progress was made but no compromise deal emerged after a White House meeting on Thursday that again brought bankers and crypto policy experts to the table to try to break the impasse around the market structure bill. Ji Kim, CEO of the Crypto Council for Innovation, called it a "constructive meeting" that "built upon previous meetings to establish a framework that serves American consumers while reinforcing U.S.

competitiveness," adding there will be "more to come." Paul Grewal, chief legal officer at Coinbase, wrote on X that "the dialogue was constructive and the tone cooperative," and that the sides made "more progress." The core sticking point remains whether stablecoins should be allowed to offer yield.

The banking industry objected to how the GENIUS Act had permitted crypto firms to offer rewards on stablecoins, arguing such rewards threaten deposits and urging the Digital Asset Market Clarity Act to bar them.

United States, Washington, D.C.

stablecoin, yield, white house, banks, market structure, genius act, digital asset, ji kim, paul grewal, coinbase