Crypto Market Structure Bill Finally Passing? Ripple Executive Says 'Smells Like Compromise'
Crypto Market Structure Bill Finally Passing? Ripple Executive Says 'Smells Like Compromise'
The U.S. government, financial sector, and crypto industry are accelerating legislation as they signal the possibility of a dramatic compromise over the issue of stablecoin interest rewards—the most contentious point in the U.S. cryptocurrency market structure bill.
According to crypto-focused media outlet CoinGape on February 11 (local time), the White House convened a second round of back-to-back meetings the previous day with representatives from the digital asset industry and traditional banking sector to discuss key issues in the U.S. cryptocurrency market structure bill, known as CLARITY. The meeting was attended by major industry figures including Ripple, Coinbase, and venture capital firm Andreessen Horowitz (a16z), who exchanged in-depth views on the stalled regulatory framework for stablecoins.
The meeting, chaired by White House digital assets advisor Patrick Witt, was reportedly smaller in scale than the previous session and focused on reaching practical agreements. Discussions led by Witt were widely regarded as far more productive than the prior meeting.
The core issue under debate is whether to prohibit rewards or interest payments to stablecoin holders. The traditional banking sector emphasized the intent of the GENIUS Act, a stablecoin regulatory bill that bans issuers from paying interest, arguing that third parties such as exchanges should also be restricted from offering rewards. Banks expressed concern that the high yield rates on crypto platforms could accelerate deposit outflows and threaten lending resources for the real economy. In contrast, the crypto industry has maintained that offering rewards is essential for promoting innovation and competition, calling for a reasonable compromise.
Following the meeting, Ripple Chief Legal Officer Stuart Alderoty stated on social media, “Today’s session at the White House was very productive, and there is a spirit of compromise in the air.” While acknowledging that challenges remain, Alderoty added that he hopes all stakeholders will stay at the negotiating table to reach the right decision. Major organizations such as the Crypto Council for Innovation and the Blockchain Association also expressed optimism, assessing that the discussions provided meaningful momentum for legislation.
The U.S. Senate Banking Committee temporarily paused the legislative process in January after Coinbase withdrew its support, but following the recent meeting, lawmakers have set a goal of reaching a final agreement by the end of this month. In addition to stablecoin regulation, the U.S. cryptocurrency market structure bill covers a wide range of issues, including tokenized assets, decentralized finance, and ethical rules regarding public officials’ crypto holdings. Notably, with the Senate Agriculture Committee having passed related legislation, coordination with the Banking Committee could pave the way for a consolidated bill to be brought to a full Senate vote.
The crypto industry expects that if a compromise is passed, it could serve as a catalyst for trillions of dollars in institutional capital to flow into the market as regulatory uncertainty in the United States is resolved. With President Donald Trump’s administration demonstrating strong commitment to fostering the digital asset industry, the legislative process is expected to gain further momentum once the dispute over stablecoin rewards is settled. Market participants are closely watching for news of a final agreement, anticipating increased industry-wide trust and accelerated technological innovation stemming from greater regulatory clarity.
*Disclaimer: This article is provided for investment reference only, and we are not responsible for any investment losses resulting from its use. The content should be interpreted for informational purposes only.*
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