White House favors some stablecoin rewards, tells banks it’s time to move

The White House is pushing for limited stablecoin rewards to be included in the next draft of the crypto market structure bill, according to sources familiar with the negotiations. This move comes after a working session aimed at finding common ground between banks and the crypto industry on the issue of stablecoin rewards.

During the meeting, the White House made it clear that certain rewards programs would be included in the next draft of the bill. Representatives from Wall Street banks present at the meeting worked on the language of the section pertaining to stablecoin rewards, and the White House is expected to circulate an updated draft for further review.

The stablecoin section of the Digital Asset Market Clarity Act has become a major point of contention in the legislation that aims to regulate U.S. crypto markets. The proposed revisions would significantly impact the existing GENIUS Act, which was passed into law last year.

Bankers have expressed concerns that stablecoin rewards could undermine their traditional business model, which relies on interest-bearing deposits. The White House negotiators, led by President Donald Trump’s crypto adviser Patrick Witt, have emphasized the need for a compromise that allows for certain rewards while ensuring that they do not resemble deposit accounts.

The meeting at the White House was seen as a positive step towards resolving the issue of stablecoin rewards. Blockchain Association CEO Summer Mersinger described the meeting as constructive and expressed hope for a potential compromise.

If banks agree to the limited rewards proposed by the White House, it could help sway reluctant senators to support the bill. However, there are still several unresolved issues in the Clarity Act, including concerns raised by Democratic lawmakers about the need for stronger protections against bad actors in the crypto industry.

The Democrats have also called for a ban on senior government officials directly involving themselves in the crypto industry, as well as the appointment of commissions at regulatory bodies like the Commodity Futures Trading Commission and the Securities and Exchange Commission.

The outcome of the negotiations will determine the fate of the bill in the Senate, with significant Democratic support needed for its approval. The White House is working to address these concerns and reach a compromise that satisfies all parties involved in the discussions. The Benefits of Outdoor Exercise

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