The White House held a meeting to mend relations between crypto firms and Wall Street bankers. At this meeting, passionate crypto insiders, who significantly outnumbered the bankers, observed that banks were unnecessarily slow to reach agreement on the crypto market structure.
Following this argument, sources close to the situation, speaking anonymously because the meeting was private, disclosed that the White House had established several objectives for the two key players in the crypto industry. The main goal was for them to strike a deal on stablecoin yields before the beginning of March.
While the White House pushes this agreement forward, reports indicate that the primary focus for individuals in the crypto industry remains the US Senate. At this moment, they expressed eagerness to await the Senate’s vote on the full crypto market structure bill. However, the individual claimed that further delays in the vote decreased the likelihood of passage this year.
Discussions surrounding the fate of the crypto market structure bill spark concerns
Just recently, Patrick Witt, the Executive Director of the President’s Council of Advisors on Digital Assets at the White House, led a White House meeting with crypto firms and Wall Street bankers. The main topic of discussion was whether stablecoins should offer yields and rewards.
To arrive at a prudent decision effectively, policy experts from both the crypto industry and Wall Street banks participated in this meeting. They met in the Diplomatic Reception Room for more than two hours to discuss fixes for the most challenging parts of the crypto market structure bill.
Given the intensity of the situation, sources noted that the talks will proceed with a smaller group. Moreover, the White House has instructed them to prepare to strike an agreement on specific amendments to the bill’s wording.
In the meantime, one insider, whose identity was concealed, revealed that banking representatives play a crucial role in trade associations and may require their members’ approval before initiating any negotiation strategy.
Responding to this claim, banking representatives issued a joint statement expressing their willingness to continue collaborating to help formulate thoughtful, effective policy.
In a statement, the bank groups stressed that, “We need to make sure that any new laws help local lending to families and small businesses because this helps the economy grow and keeps our financial system safe.” Notably, the groups include the American Bankers Association and the Financial Services Forum, representing leading Wall Street financial leaders.
Cody Carbone views the White House meeting as a game-changer in the ecosystem
Regarding the White House meeting between crypto firms and Wall Street bankers, reports from reliable sources said Cody Carbone, who heads the Digital Chamber that advocates for crypto policy in Washington, was pleased with this move.
Carbone argued that the meeting represented the kind of progress needed to address one of the most significant challenges preventing comprehensive legislative advancements on market structure, despite the lack of an immediate agreement on yields.
“We can’t afford to do nothing. We are ready to get to work and ensure that new laws do not harm innovators or consumers who view digital assets as a key part of their financial future,” he said immediately after the meeting.
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Source: https://www.cryptopolitan.com/white-house-meets-crypto-and-banking-leaders/
