“Yesterday’s meeting was a big step forward. We’re close. Provided we continue to have good faith engagement from both sides on this issue, I fully expect we will meet our deadline.”
Coinbase Chief Legal Officer Paul Grewal wrote the same day: “More progress today with Patrick Witt at the White House. The dialogue was constructive and the tone cooperative.”
Coinbase CEO Brian Armstrong opined on Feb. 18:
FAQ ⏰ What is the focus of the White House crypto meeting? Negotiators are working to finalize stablecoin legislation and broader crypto market structure rules. Why are yield restrictions central to the stablecoin debate? Banks and crypto firms disagree over whether issuers can offer rewards or yield on idle stablecoin balances. Which agencies could enforce stablecoin yield limits? The SEC, Treasury, and the CFTC may gain authority to penalize violations under proposed anti-evasion provisions. What penalties are proposed for violating stablecoin yield rules? Draft provisions include civil monetary penalties of $500,000 per violation, per day.
