Negotiations between the cryptocurrency industry and the banking sector failed to reach a compromise, with February potentially being the deadline for both sides to achieve consensus.

At a recent critical meeting convened by the White House, representatives from the US cryptocurrency industry and traditional banking sector clashed fiercely over whether stablecoins should be allowed to offer yields, but no agreement was reached.

The meeting was chaired by Patrick Witt, President Trump's cryptocurrency advisor, and aimed to push forward progress on the stalled "Cryptocurrency Market Structure Act" (Clear Act).

It is noteworthy that, although industry participants considered this discussion a key step in breaking the deadlock, banking representatives did not propose any compromise solutions.

Currently, the White House has issued a final notice to all negotiating parties, requiring an agreement on the technical language regarding stablecoin yields in the bill by the end of this month.

While the crypto industry views this as a critical condition for innovation and development, opposition from banking groups who believe that offering yields on stablecoins could jeopardize "local lending and financial system safety" remains a major obstacle to legislation.

The bill had previously passed the Senate Agriculture Committee smoothly, but the higher threshold of the Senate Banking Committee, which is more cautious, has significantly increased the difficulty of negotiations.

Meanwhile, Democrats have added moral clauses for government officials and stricter measures on illegal financial activities to the negotiations. These demands have directly increased resistance, making the negotiations increasingly deadlocked.

Faced with an increasingly complex legislative environment, major players in the crypto industry are also deeply concerned. The ongoing delays caused by various parties' negotiations are making the bill's passage this year less and less likely.

Moreover, coinciding with this meeting, the US federal government is experiencing partial shutdowns due to budget issues, adding more uncertainty to the legislative process.

Despite these challenges, the White House's strong intervention clearly indicates that advancing cryptocurrency legislation remains a priority for this administration.

Next, negotiations will shift to a smaller core group, and whether all parties can break the deadlock before the end-of-month deadline will directly determine the final fate of this key bill.

#市场结构法案 #Stablecoins