Ripple Chief Legal Officer Stuart Alderoty has been confirmed as a key attendee at a high-stakes meeting at the White House today.
During the meeting, top-tier crypto executives and banking giants aim to hash out the contentious issue of stablecoin yields.
Alderoty has joined representatives from Goldman Sachs, JPMorgan, Coinbase, a16z, and other financial heavyweights.
The goal is to break the deadlock that has stalled the progress of the much-talked-about crypto legislation.
The yield issue
Whether or not stablecoin issuers and exchanges should be permitted to offer interest-like “yields” to holders remains the most hotly debated issue.
Traditional financial institutions, which are represented by groups like the American Bankers Association and giants like Bank of America and Wells Fargo, have argued that allowing crypto firms to pay yield on stablecoins creates an uneven playing field.
They argue that these products could siphon deposits away from community and regional banks without banking charters and FDIC insurance requirements.
Industry leaders like Ripple and Coinbase argue that restricting yields acts as a protectionist measure for banks.