Crypto's banker adversaries didn't want to deal in latest White House meeting on bill
Bankers and crypto executives met at the White House regarding a stablecoin bill, but bankers resisted compromising on stablecoin rewards programs.Summary
A recent White House meeting between crypto executives and banking representatives focused primarily on stablecoin rewards programs, a key sticking point in advancing the Senate's Digital Asset Market Clarity Act. Crypto industry negotiators, including representatives from Coinbase and Ripple, were ready to discuss compromises, but banking counterparts, including the Bank Policy Institute and American Bankers Association, held firm against allowing stablecoin rewards, citing concerns over threatening bank deposits. Despite the lack of major progress on rewards, both sides expressed constructive engagement. Other sticking points include Democratic demands for banning deep crypto involvement by senior government officials and ensuring the CFTC is fully staffed. The bill faces further hurdles due to Senate scheduling challenges and broader legislative friction.
(Source：CoinDesk)