Points of Focus  

• White House meeting on stablecoin rewards concluded without resolution.  
• Banks seek strict ban on any yield or benefits tied to stablecoin holdings.  
• Crypto participants pushed back strongly; next steps likely fall to the Senate Banking Committee.

The White House could not produce a breakthrough. A closed-door session on stablecoin yield held on February 10, 2026, ended without agreement, with banking and crypto representatives clashing over proposed restrictions that have stalled the much anticipated legislation on market structure.

The meeting, the second in a series, brought together major players including Ripple, Coinbase, Crypto Council for Innovation, Blockchain Association, Goldman Sachs, Citi, JPMorgan Chase, and the American Bankers Association, among others.

Both sides resolute, unyielding

The banks remained firm in their position, presenting a leaked set of “prohibition principles” that called for a near-total ban on any financial or non-financial benefits from holding, owning, or using payment stablecoins, backed by strict enforcement, anti-evasion rules, and limits on marketing that could imply deposit-like yields.

🚨NEW: Details from the White House stablecoin yield meeting, per banking and crypto sources in the room:

People on both sides called the meeting ‘productive,’ but, again, no compromise was reached by the end of the meeting. However, deal specifics were discussed in more detail… pic.twitter.com/w5nPlG1DLi

— Eleanor Terrett (@EleanorTerrett) February 11, 2026

This position goes further than the latest draft of the market structure bill, which prohibits yields on passive holdings but allows narrower activity-based incentives. According to the banks, any exemptions “must be extremely limited in scope.”

After a first @WhiteHouse meeting last week, today’s follow-up shifted from broad discussion to serious problem-solving.

This was a smaller, more focused session.

Stablecoin rewards were front and center. Banks did not come to negotiate from the bill text, instead arriving with… https://t.co/YDaB1fTNJy

— Dan Spuller (@DanSpuller) February 10, 2026

In response, crypto stakeholders pushed back even harder. One source familiar with the discussions said: “it seemed like there was a pretty strong and negative reaction from the crypto side on a lot of them, particularly anti-evasion and enforcement and that kind of line of thinking.” Blockchain Association EVP Dan Spuller echoed this in his post on X: “Banks did not come to negotiate from the bill text, instead arriving with broad prohibitive principles, which remains a key disagreement.”

Next steps unclear, Senate Banking Committee to pick up the scraps

Sources indicated the ball is now likely back with the Senate Banking Committee, with trade groups expected to negotiate details. The attendees, however, remain optimistic.

Productive session at the White House today – compromise is in the air. Clear, bipartisan momentum remains behind sensible crypto market structure legislation. We should move now – while the window is still open – and deliver a real win for consumers and America.

— Stuart Alderoty (@s_alderoty) February 10, 2026

Ripple CLO Stuart Alderoty called it a “productive session” with “compromise in the air” and “clear, bipartisan momentum” behind sensible legislation. Coinbase CLO Paul Grewal noted that progress had been made during the meeting, while acknowledging “there’s still more work to do.”

Thanks to @patrickjwitt and @whitehouse for hosting us all today. Crypto showed up ready to work, and we all made progress. There’s still more work to do for sure, and we hope everybody will stay at the table to do what’s right.

— paulgrewal.eth (@iampaulgrewal) February 11, 2026

From an objective point of view, the impasse is no surprise, but it’s a critical moment. Banks see stablecoin yield as an existential threat to deposits and liquidity; crypto sees it as essential innovation, hence the standoff. There are merits to both sides’ arguments, depending on which side of the fence one stands.

However, the market structure bill needs bipartisan support to pass a divided Congress, so compromise is inevitable, but the wide gap between each side’s positions has to be closed for this to happen. If banks win strict limits, it could slow stablecoin growth and DeFi yield products; if crypto prevails, banks fear disintermediation. 

The Senate Banking Committee now holds the pen, watch out for revised draft text or another White House session. Resolution here will shape whether stablecoins remain a niche tool or become mainstream financial plumbing. The outcome, however it swings, will ripple through adoption, regulation, and competition for years.