A high-level White House meeting between major banks and crypto leaders over stablecoin reward rules ended without a final agreement. However, people familiar with the talks said progress was made as a March 1 deadline approaches. According to Fox journalist Eleanor Terrett , attendees from both sides described the meeting as “productive.” They discussed possible terms more seriously than in previous sessions. The meeting was led by Patrick Witt, Executive Director of the President’s Crypto Council, and included staff from the Senate Banking Committee. It was a more focused and concise follow-up to earlier discussions. Banks Show Slight Shift, Crypto Seeks More Freedom Major banks, including Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citi, PNC, and U.S. Bank, brought a written document outlining what they would and would not accept regarding stablecoin rewards. Journalist Sander Lutz reported that banking representatives shared a handout listing their “red lines.” These points mainly oppose allowing non-bank crypto companies to offer interest-like rewards on stablecoins without strict rules. One source noted a small but meaningful change in the banks’ position. They included wording that mentioned “any proposed exemption,” suggesting they may be open to limited exceptions. In earlier talks, banks had rejected the idea of allowing such flexibility. The primary disagreement persists over what stablecoin companies should be permitted to do. Crypto firms want broader rules so they can offer competitive rewards and build new products. Banks want tighter limits to ensure stablecoins do not act like traditional bank deposits without proper oversight. Ripple’s Chief Legal Officer, Stuart Alderoty , expressed optimism, saying, “Compromise is in the air.” Key Participants Crypto representatives included Paul Grewal (Coinbase), Miles Jennings (a16z), Stuart Alderoty (Ripple), Josh Rosner (Paxos), Summer Mersinger (Blockchain Association), and Ji Kim (Crypto Council). Trade groups such as the American Bankers Association and the Bank Policy Institute also took part. What’s Next More discussions are expected in the coming days. It is not yet clear whether another large meeting will take place before the end of the month. The White House is urging both sides to reach an agreement before the March 1 deadline. Trust with CoinPedia: CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors. Investment Disclaimer: All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices. Sponsored and Advertisements: Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.