Ripple’s White House Gambit: A Dance of Dollars and Diplomacy

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Ripple has, with remarkable poise, secured a seat at the highest table in Washington-where the conversation is as polished as the silverware.

On Monday afternoon, Ripple’s representatives joined an elite gathering of crypto titans and banking lobbyists at the White House for a high-stakes summit on stablecoin regulation-where the only thing more regulated than the discussions was the champagne.

The two-hour closed-door meeting focused on one of the most contentious issues stalling current market structure legislation: stablecoin yield and rewards. A topic so thrilling, it could make a sleep-deprived diplomat weep.

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The guest list

The attendee list included some major representatives from crypto and (Ripple, Coinbase, Tether, Kraken, Crypto.com, Paxos, Circle, and PayPal) as well as banking and traditional finance heavyweights (Fidelity, Cantor Fitzgerald, SoFi, and so on). A who’s who of financial titans, all gathered to discuss the future of money-because nothing says “excitement” like a room full of people who’ve never met a spreadsheet they didn’t want to tweak.

According to reporter Eleanor Terrett, sources inside the room described the atmosphere as “constructive” with “positive vibes” and “no yelling”-a feat that would make even the most seasoned diplomat blush.

The discussion reportedly focused on the “risks and opportunities” of allowing stablecoin issuers to offer yield (interest) to holders. A subject so fraught, it could make a hedge fund manager reconsider their life choices.

Banks argue that unregulated stablecoin yield acts as a shadow banking product that siphons deposits from regulated lenders, while crypto firms argue that banning yield stifles innovation and consumer benefit. A classic case of “I’m right, you’re wrong, but let’s all have a cup of tea and pretend we’re friends.”

Terrett noted that the issues were “framed so that both sides know where boundaries are”-a delicate balancing act that would make a tightrope walker feel at home.

Despite the cordial tone, distinct friction remained in how the two sides approached the negotiation-like two dancers who both want to lead but neither knows the steps.

Brendan Pedersen, a reporter covering the intersection of finance and policy, noted a sharp contrast in strategy. “Folks in the room of WH crypto-bank meeting have told me the two industries had very different approaches to initial negotiations. Crypto reps wanted to talk specific potential solutions on yield. Bank trade reps mostly avoided details, did not want to discuss discrete solutions. A masterclass in diplomatic evasion.”

Patrick Witt’s reaction

Patrick Witt, the Executive Director of the President’s Council of Advisors for Digital Assets, claims that there has been progress on several “seemingly intractable” policy issues. Over the course of the past few months, we have achieved breakthroughs on several seemingly intractable policy issues. I am confident we will be able to resolve this one, too. A man of great confidence, and perhaps a touch of delusion.

He is confident that the issue of stablecoin yields will eventually be resolved as well. One can only hope the resolution involves less jargon and more actual progress.

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2026-02-03 09:14