<h2 id="stablecoin-news">Stablecoin News</h2>The White House convened a third closed-door session on Thursday between crypto industry representatives and banking trade groups, continuing a negotiation process centered on how stablecoin yield should be treated under a forthcoming digital asset market structure bill. The meeting started at 9 a.m. ET and lasted several hours. A source familiar with the proceedings told The Block that no final agreement was reached, despite the White House signaling it wanted participants to remain until a deal was in hand.Crypto Council for Innovation CEO Ji Hun Kim called the session "constructive" and said it advanced the framework established in prior meetings. Coinbase Chief Legal Officer Paul Grewal posted on X that the tone was "cooperative" and that further progress is expected. Both indicated additional discussions are likely before the bill moves forward.Ripple CEO Brad Garlinghouse <a href="https://www.youtube.com/watch?v=-yyr6IcN8f8" rel="noopener noreferrer nofollow">confirmed</a> in a Fox News interview that the company's chief legal officer, Stuart Alderoty, attended Thursday's meeting. Garlinghouse put the <a href="https://www.foxbusiness.com/video/6389571712112" rel="noopener noreferrer nofollow">probability </a>of a crypto market structure bill passing by the end of April at 90%, attributing his confidence largely to the White House's direct involvement. Attendees also included the Blockchain Association and major bank trade associations alongside the Crypto Council for Innovation.The stablecoin yield question has stalled the legislation at multiple points. Banks have argued that yield-bearing stablecoins would redirect deposits away from traditional financial institutions, particularly smaller community banks. Crypto firms have pushed back, saying restrictions on yield would hamper product development and investor returns. The GENIUS Act, passed last summer, prohibits stablecoin issuers from paying direct interest to holders but leaves open the door for third-party platforms to offer rewards, a distinction that has become central to the dispute.Coinbase has been at the center of the standoff since withdrawing its support ahead of a Senate Banking Committee markup scheduled for January. CEO Brian Armstrong cited stablecoin yield restrictions and concerns over provisions related to tokenized equities, and also warned that the bill could shift regulatory authority away from the CFTC toward the SEC in ways the exchange considers harmful. The committee postponed the markup indefinitely following Armstrong's objections and had not set a new date as of Thursday.The CLARITY Act, which passed the House in July 2025, has faced a series of delays in the Senate. Two government shutdowns, the longer spanning 43 days in 2025, slowed its progress, alongside Democratic concerns about President Trump's personal involvement in crypto ventures and unresolved questions around decentralized finance and tokenized equities. Senator Bernie Moreno of Ohio said at a Wednesday event hosted by World Liberty Financial at Mar-a-Lago that he expects the bill to clear Congress and be signed into law by April.On Polymarket, the probability of a crypto market structure bill passing has fluctuated between 54% and 85% in recent days, <a href="https://polymarket.com/event/clarity-act-signed-into-law-in-2026" rel="noopener noreferrer nofollow">settling</a> at 72% as of Thursday morning. Sources who spoke with The Block last week estimated the actual odds at between 25% and 60%, citing Trump's conflicts of interest and the unresolved yield debate as the two primary obstacles. The Senate Banking Committee's next move on scheduling a markup will be the clearest indicator of whether Thursday's session produced any real momentum.

Stablecoin Yield Talks Resume at Third White House Meeting

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