The White House is in talks with cryptocurrency companies and banks regarding stablecoin yields

The cryptocurrency advocacy organization stated that the meeting held by the White House on Monday regarding "how to define stablecoin yields" is "an important step" and represents "the progress needed" to advance cryptocurrency legislation amidst repeated fluctuations in the legislative process. However, the formation of relevant compromise solutions may not be smooth.

Representatives from Coinbase, major cryptocurrency industry associations, and banking organizations gathered in Washington, D.C., to discuss the regulatory approach to stablecoin yields and whether third parties, including Coinbase, should be allowed to offer such yields. The meeting was chaired by Patrick Witt, a member of the President's Advisory Council on Digital Assets.

Summer Mersinger, CEO of the Blockchain Association, stated in a statement: "Today's meeting at the White House is an important step in seeking to advance bipartisan support for legislative solutions regarding the market structure of digital assets. We appreciate the leadership shown by Patrick Witt and the government in convening stakeholders to collaboratively address one of the key unresolved issues: stablecoin yields."