Eleanor TerrettXRP Terrett

Breaker of news🗞️.Mother of cats 🐈. Citizen of 🇺🇸🇬🇧. Former @FoxBusiness. Journalist & Host @CryptoAmerica.

[Eleanor Terrett @EleanorTerrett]

Career highlight.

Thanks for the great conversation, @SECPaulSAtkins and @MichaelSelig!

[Eleanor Terrett @EleanorTerrett]

Extra nugget: Attendees were required to hand over their phones during the meeting.

It was serious biz today.

[Eleanor Terrett @EleanorTerrett]

🚨NEW: Per sources in the room, today’s stablecoin meeting was smaller than last week and included reps from @coinbase, @Ripple, @a16z, plus trade groups @BlockchainAssn and @crypto_council. No individual bank reps attended — bank voices were represented via trade associations @ABABankers, @bankpolicy and @ICBA.

Public statements from attendees are once again being described as “productive” and “constructive.” But what does that actually mean?

Sources say there was a notable difference today: the White House took the lead in driving the discussion, rather than letting crypto firms and bank trades steer the discussion, as in prior meetings.

White House Crypto Council Executive Director @patrickjwitt brought draft text that served as the central focus of the conversation. The language acknowledged concerns banks raised in last week’s “Yield and Interest Prohibitions Principles” document, while making clear that any future restrictions on rewards would be narrow in scope. Earning yield on idle balances, a key crypto industry goal, is effectively off the table. The debate has narrowed to whether firms can offer rewards linked to certain activities.

One crypto-side attendee told me bank concerns appear to stem more from competitive pressures than from deposit flight, which had been framed as the original worry. A bank-side source told me they’re still pushing to include a deposit outflow study in the draft — one that would examine the growth of payment stablecoins and their potential impact on bank deposits.

The same source said they were encouraged by proposed anti-evasion language that would give the SEC, Treasury, and the CFTC authority to enforce a ban on paying yield on idle balances, with civil monetary penalties of $500,000 per violation, per day.

So what’s next? Bank trade groups will brief their members on today’s discussions and gauge whether there’s room to compromise on allowing crypto firms to offer stablecoin rewards. One source said an end-of-month deadline doesn’t seem unrealistic, with talks set to continue in the coming days.

[Eleanor Terrett @EleanorTerrett]

🚨NEW: Attendees at this morning’s meeting will include @iampaulgrewal from @coinbase, @s_alderoty from @Ripple, and @milesjennings from @a16z, plus some banking and crypto trade reps.

[Eleanor Terrett @EleanorTerrett]

🚨NEW: A third stablecoin yield meeting is set to take place at the White House tomorrow at 9:00 A.M. ET. A small group representing crypto and banks is expected to attend. More in the A.M.

[Eleanor Terrett @EleanorTerrett]

🚨🗞️NEW: See You in Court”: CFTC Claims Sole Authority Over Prediction Markets, Puts States on Notice

The CFTC wants sole control over prediction markets, the White House mulls another stablecoin yield meeting tomorrow, and the week’s top stories. ⬇️

https://t.co/tTW0eXmjcD

[Eleanor Terrett @EleanorTerrett]

🚨NEW: @bitwise joins @Roundhill in filing for prediction market ETFs.

The proposed funds would track contracts tied to the 2028 U.S. presidential election and upcoming House and Senate midterms.

“PredictionShares” will serve as a new Bitwise platform focused on providing exposure to prediction markets.

Bitwise’s CIO @Matt_Hougan says prediction markets are accelerating in both scale and importance, making client exposure an opportunity the firm couldn’t pass up.

[Eleanor Terrett @EleanorTerrett]

🚨NEW: Two sources familiar with the matter tell me the White House is considering another stablecoin yield meeting between banks and crypto representatives Thursday, though no plans have been finalized.

[Eleanor Terrett @EleanorTerrett]

🚨🗞️NEW: Stablecoin Standoff: Crypto and Banks Remain Deadlocked Ahead of White House Deadline

Back stateside and to regularly scheduled newsletter: yield dynamics, the @CFTC who’s-who advisory committee, Atkins in hot seat, + @BoHines on the pod. ⬇️

https://t.co/GFheQkINs9

[Eleanor Terrett @EleanorTerrett]

🚨ICYMI: Our special Friday episode brings you conversations from Consensus Hong Kong with @SharpLink co-CEO @joechalom and @syrupsid, co-founder and CEO of @maplefinance.

Joseph explains why the future of DATs is making idle capital productive, while Sidney describes why the private credit market is ripe for tokenization.

https://t.co/myKtMi0Qay

[Eleanor Terrett @EleanorTerrett]

The Peak ⛰️

[Eleanor Terrett @EleanorTerrett]

NICE scoop from my girl @breccastoll! 👀

[Eleanor Terrett @EleanorTerrett]

Twinning with @JennSanasie while anchoring @CoinDesk Live at @consensus_hk! 👯‍♀️

[Eleanor Terrett @EleanorTerrett]

🚨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 today.

For example, banks and the banking trades came prepared with a written set of ‘prohibition principles’ (in the pic below) which detailed what they are willing and not willing to compromise on when it comes to stablecoin rewards. One source pointed out a key concession from the banks being the “any proposed exemption” language in paragraph two, because they were previously unwilling to discuss any exemptions with respect to offering rewards on a transaction-based basis at all.

Chief Legal Officer at @Ripple, @s_alderoty, said “compromise is in the air.”

There was heavy focus on so-called “permissible activities,” aka what kinds of account activity could be allowed in order for crypto firms to offer rewards. Crypto wants definitions on this to be broad, banks want it to be narrowed.

For next steps, further discussions between the present parties are expected to happen in the coming days, but it’s unclear whether another meeting of this scale will take place before the end of the month. The White House has urged both parties to reach a deal on the matter by March 1st.

This gathering was also notably smaller than the first one. Led by Executive Director of the President’s Crypto Council @patrickjwitt, Senate Banking Committee staff were also present. On the crypto side, attendees included @iampaulgrewal of @coinbase, @milesjennings of @a16z, @s_alderoty of @Ripple, @JoshRosner from @Paxos, @SummerMersinger of @BlockchainAssn and @_jikim of @crypto_council.

Banks in the room were @GoldmanSachs, @jpmorgan, @BankofAmerica, @WellsFargo, @Citi, @PNCBank and @usbank, along with trade groups @bankpolicy, @ABABankers and @ICBA.

Bottom line: 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.

[Eleanor Terrett @EleanorTerrett]

🚨NEW: White House meeting just wrapped. More color soon.

For now, additional crypto attendees: A rep from stablecoin issuer @Paxos and @_jikim, CEO of @crypto_council. Some Senate Banking Committee staffers and folks from the White House Crypto Council were also in the room.

[Eleanor Terrett @EleanorTerrett]

🚨NEW: Wall Street investment bank @GoldmanSachs just revealed it holds $1.1B $BTC, $1B $ETH, $153M $XRP and $108M $SOL.

Goldman has representation at the White House meeting on stablecoin yield today. Its CEO David Solomon is scheduled to speak at @worldlibertyfi Forum in Palm Beach next week.

[Eleanor Terrett @EleanorTerrett]

Quick clarifier: Their exposure (like most of the big institutions) is via spot crypto ETF exposure, not direct token holdings.

[Eleanor Terrett @EleanorTerrett]

🚨NEW: The White House will host representatives from the banking and crypto industries this afternoon at 2:30pm ET for the second iteration of stablecoin yield negotiations.

Banks set to attend include @GoldmanSachs, @jpmorgan, @BankofAmerica, @WellsFargo, @Citi, @PNCBank and @usbank, along with trade groups @bankpolicy, @ABABankers and @ICBA. Some of the crypto attendees include @iampaulgrewal of @coinbase, @milesjennings of @a16z, and @SummerMersinger of @BlockchainAssn.

According to two sources familiar with the matter, attendees received an email from the White House yesterday emphasizing the need to come prepared for today’s discussion with serious proposals and a willingness to compromise.

[Eleanor Terrett @EleanorTerrett]

Another attendee from the crypto side: @Ripple CLO @s_alderoty.

[Eleanor Terrett @EleanorTerrett]

🚨🗞️NEW: Stablecoin Yield and 'Skinny' Fed Accounts Fuel Growing Crypto-Bank Divide

Crypto & banks are set to hash it out again over stablecoin yield, with tensions also rising around “skinny” Fed master accounts. Plus, what we’re watching this week. ⬇️

https://t.co/Sasfd8rnZY