BlockBeats News, February 20th. According to crypto journalist Eleanor Terrett, this morning's "Cryptocurrency Market Structure Act" (a.k.a. the CLARITY Act) stablecoin yield issue third meeting was smaller in scale compared to last week. Attendees included representatives from Coinbase, Ripple, a16z, and the cryptocurrency industry association. No bank representatives attended separately; the banking sector's voice was conveyed through the industry association. This meeting had a significant difference: the White House led the discussion, rather than letting cryptocurrency companies and banks lead the discussion as in previous meetings.White House Cryptocurrency Council Executive Director Patrick Witt brought a draft text that became the focus of the discussion. The text acknowledged concerns raised by banks last week in the "Earnings and Interest Prohibition Principle" document, while explicitly stating that in stablecoin-related legislation, a key goal of the cryptocurrency industry, earning yield on idle balances will be prohibited (Earning yield on idle balances is effectively off the table). The focus of the debate has narrowed down to whether cryptocurrency companies can offer stablecoin rewards tied to specific activities.Banks' concerns seem to stem more from competitive pressure than initially thought concerns about deposit outflows. Sources from the banking sector indicated that they are still striving to include a deposit outflow study in the draft—a study that will examine the growth of payment stablecoins and their potential impact on bank deposits. In addition, the banking sector is encouraged by the proposed anti-tax evasion provision, granting powers to the U.S. Securities and Exchange Commission, Treasury Department, and Commodity Futures Trading Commission to enforce the ban on earning yield on idle balances and impose a civil penalty of $500,000 per day for each violation.Sources said that a decision could be reached by the end of the month, and negotiations will continue in the coming days.

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