Inside the meeting: White House favors some stablecoin rewards, tells banks it's time to move

During a working session, the White House signaled to Wall Street bankers that limited stablecoin rewards would be included in the next draft of the crypto market structure bill, contingent on their agreement. This negotiation focuses on Section 404 of the Digital Asset Market Clarity Act, which revises aspects of the prior GENIUS Act concerning stablecoin rewards. The White House team, led by Patrick Witt, pushed for a resolution, favoring rewards for certain activities but not for stablecoin holdings resembling deposits, a point banks fear undermines their deposit-based business model. While the Blockchain Association CEO called the meeting constructive, the status quo without a deal favors crypto platforms more than the proposed limited rewards. However, other sticking points remain, including Democratic demands for increased DeFi protections and bans on senior officials entering the crypto industry, which could lead to partisan outcomes if not resolved before a Senate Banking Committee hearing.

(Source：CoinDesk)