White House Labels Stablecoin Summit ’Productive’—But Final Deal Still Hangs in the Balance

Regulators call it progress. The market calls it theater.

Behind Closed Doors

The latest high-stakes gathering on stablecoin regulation wrapped with the usual diplomatic platitudes. Officials emerged touting a 'productive' dialogue, a term that in Washington-speak often translates to 'agreed to keep talking.' The core issue—crafting a final, binding regulatory framework—remains conspicuously unresolved. No hard numbers on timeline or concrete milestones were released, leaving the industry to parse vague commitments.

The Sticking Points

Consensus remains elusive on the fundamental guardrails. Disputes linger over reserve composition, redemption guarantees, and which agency gets the keys to the kingdom. Each faction—banking regulators, securities watchdogs, and innovators—is digging in, protecting their turf. It's a classic regulatory tango: two steps forward, one step back, all while the music of a multi-trillion-dollar market keeps playing.

Market in Limbo

This regulatory purgatory creates a bizarre reality. Major financial institutions are building rails for a asset class that still lacks definitive rules. Startups operate in a patchwork of state-level guidance, while global competitors sprint ahead with clearer regimes. The uncertainty acts as both a shackle and a shield—stifling some innovation while allowing others to operate in the gray areas Wall Street supposedly left behind.

The clock is ticking, but in DC, time is a negotiable currency. The summit may have been 'productive,' but until ink hits paper, it's just another expensive meeting—the financial world's favorite sport, where the only thing being stabilized is the consulting industry's revenue stream.

Lawmakers push talks toward narrower gaps

The meeting centered on whether crypto companies can provide incentives for the use of stablecoins and what constitutes acceptable activity. Banking representatives entered the room with a written set of “prohibition principles” outlining firm boundaries for stablecoin rewards.

However, sources indicated a significant change. Banks included language referencing “any proposed exemption,” a change from earlier resistance to talking about transaction-based reward exemptions. As a result, negotiators considered more detailed compromise pathways than in previous sessions.

Crypto participants argued for broader definitions of permissible activities. Meanwhile, banks advocated for stricter standards to reduce risk exposure. Despite those differences, the discussions reportedly got more granular and solution-oriented.

Executive Director of the President’s Crypto Council Patrick Witt chaired the session. Senate Banking Committee staff also attended, signaling legislative alignment with executive-level discussions.

Industry leaders signal bipartisan momentum

Stuart Alderoty, Ripple’s Chief Legal Officer, publicly reinforced the tone of progress. He said compromise is “in the air” and stressed that bipartisan momentum to pass sensible legislation on crypto market structure remains intact. 

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

Paul Grewal, Coinbase’s Chief Legal Officer, said similar things. He thanked White House officials for hosting the session and noted that crypto representatives arrived prepared to work. He acknowledged, “There’s still more work to do for sure, and we hope everybody will stay at the table to do what’s right.”

Attendees from the crypto side included executives from Coinbase, a16z, Ripple, Paxos, the Blockchain Association, and the Crypto Council for Innovation. On the banking side, representatives from Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citi, PNC Bank, and U.S. Bank were present, as were trade groups such as the Bank Policy Institute, the American Bankers Association, and the ICBA.

Terrett noted, “It was a smaller, more productive meeting than the first and both sides are talking about ways to solve the issues at hand, but no final resolution has been reached yet.” Although banking groups issued a joint statement after the meeting, they revealed no concrete steps forward. The crypto market bill has gained public support from senior officials. U.S. Treasury Secretary Scott Bessent recently urged leaders to reach a deal, scornful of resistance to a deal as a drag on progress. 

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