Crypto Reporter: The White House's second round of stablecoin yield meetings was "productive" but no agreement was reached.
PANews reported on February 11th that, according to crypto journalist Eleanor Terrett, details from the White House stablecoin yield meeting, revealed by bankers and crypto industry insiders, indicated that both sides described the meeting as "productive," but no compromise was reached at the end. However, more in-depth discussions on the details of an agreement took place today. For example, the Banking Association prepared a written "prohibition principle" document detailing their willingness and unwillingness to compromise on stablecoin yields. Sources indicated that a key concession from the banks was the wording in the second paragraph regarding "any proposed exemptions"—previously, the banks were completely unwilling to discuss any possibility of exemptions for yields based on transactions. Ripple's Chief Legal Officer, Stuart Alderoty, stated, "An atmosphere of compromise is forming."
The meeting focused on so-called "permitted activities," referring to the types of account activity that crypto companies are allowed to generate revenue for. The crypto industry wants a broad definition, while banks prefer a narrower one. Discussions on next steps are expected to continue in the coming days, but it's unclear whether another meeting of this size will be held before the end of the month. The White House has urged both sides to reach an agreement on this matter by March 1st. Key takeaway: This was a smaller and more productive meeting than the first, exploring ways to resolve the current issues, but no final resolution was reached.
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