Crypto market structure legislation is still struggling to gain ground in the U.S. Senate, with no agreement reached on whether exchanges should be allowed to offer yield or rewards on stablecoins.
The White House’s Eisenhower Executive Office Building held a meeting on Monday, bringing together crypto industry groups and representatives from exchanges, as well as Wall Street bankers.
Per people familiar with the talks, White House gave fresh marching orders to participants: to get to a compromise on stablecoin yields before the end of this month.
Industry Groups Say White House Meeting Was an ‘Important Step’
According to Bloomberg, crypto trade group Digital Chamber circulated a memo, noting that both banking and crypto authorities reviewed existing policy proposals and highlighted areas of disagreement.
The memo described the session as “exactly the kind of progress needed,” despite the lack of an immediate compromise over stablecoin yields.
“Inaction is not an option, and we are committed to rolling up our sleeves and doing the hard work to ensure legislative progress does not punish innovators or consumers who see digital assets as a foundation for their financial future,” CEO Cody Carbone said in a statement.
In yet another instance, the Blockchain Association CEO Summer Mersinger called the Monday event “an important step forward in the effort to deliver bipartisan digital asset market structure legislation to the President’s desk.”
“It was an honor to represent our 100+ members on this important issue,” she wrote on X.
The conversations are exactly what’s needed to bridge differences, build consensus and make sure Congress can deliver clear crypto rules, the Blockchain Association said in a separate memo.
Following the meeting, Patrick Witt, Executive Director, President’s Council of Advisors for Digital Assets, said the meeting was “constructive, fact-based, and, most importantly, solutions-oriented.”
“Over the course of the past few months, we have achieved breakthroughs on several seemingly intractable policy issues,” he said. “I am confident we will be able to resolve this one too.”
Last month, the White House rep called for the urgent passage of crypto market structure legislation. He said that it is unrealistic to expect a multi-trillion-dollar industry to operate without a comprehensive regulatory framework.
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