Coinbase, crypto and bank organizations set to hash out stablecoin rewards at White House summit on Monday

Representatives from major entities including Coinbase, Ripple, Kraken, various crypto trade groups, and banking organizations are scheduled to attend a White House summit on Monday to address the contentious issue of how stablecoin rewards should be treated under new legislation. This debate centers on the GENIUS Act framework, which prohibits stablecoin issuers from paying interest directly to holders but leaves room for third-party platforms like exchanges to offer yield. Banking groups argue this could siphon deposits, while Coinbase contends banks are attempting to stifle competition. Tensions recently escalated publicly between JPMorgan Chase's Jamie Dimon and Coinbase CEO Brian Armstrong at Davos. The summit occurs as Congress advances legislation to regulate the crypto industry, with ongoing efforts in the Senate to reconcile different versions of the bill.

(Source：The Block)