White House Holds Third Round of Closed-Door Stablecoin Meeting, Crypto Executives Say "Further Progress Still Expected"

Odaily News The White House convened its third round of closed-door meetings on Thursday, inviting representatives from the crypto industry and banking groups to discuss stablecoin reward mechanisms. The meeting lasted several hours and was described by participants as a "constructive dialogue," but no final compromise has been reached yet.

Ji Hun Kim, CEO of the Crypto Council for Innovation, stated that the meeting built upon previous discussions to further advance the framework, with the goal of enhancing U.S. competitiveness while protecting consumers. Paul Grewal, Chief Legal Officer of Coinbase, also described the discussions as "collaborative and constructive in tone" and hinted that further negotiations would continue.

The stablecoin holding reward mechanism is a key point of contention in the current crypto market structure bill. Sources familiar with the matter revealed that the White House proposed some principled solutions, allowing companies to offer rewards based on specific activities or account balances, but the banking sector remains cautious. It is not yet confirmed whether another round of meetings will be held.

Participating institutions included Ripple, the Blockchain Association, the Crypto Council for Innovation, and several major banking associations.