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White House crypto adviser Patrick Witt reportedly refocused crypto and bank lobby talks on a crypto bill to allow stablecoin rewards tied to transaction activity.The White House has reportedly refocused talks between crypto and bank lobbyists on limiting how stablecoin rewards should be paid in the third meeting between the two groups over a crypto market structure bill.
Crypto and banking industry representatives met at the White House on Thursday for the third time in 16 days to discuss stablecoin provisions that have stalled the crypto bill, which the Senate is looking to pass. No agreement was reached on Thursday, but executives at Coinbase and Ripple said progress was made, as one of the White House’s crypto advisers urged a trade-off that would let third parties, such as exchanges, offer stablecoin rewards only on transaction activity, not on balances.the meeting was a “step forward” toward resolving issues related to stablecoin rewards and advancing legislation on the crypto market structure.on Feb. 10, as the Senate is looking to pass a bill to define how US market regulators will police crypto.Witt pushed for a previously pitched proposal that would allow third parties to offer stablecoin rewards to customers tied to transactions and activity, rather than to balances, a sticking point for banks. “Earning yield on idle balances, a key crypto industry goal, is effectively off the table,” Terrett said, citing those who attended the meeting. “The debate has narrowed to whether firms can offer rewards linked to certain activities.” Semafor’s Mueller reported that the banks will start meeting tomorrow to decide whether to agree to the trade-off, and added that discussions would continue in the coming days.The Bank Policy Institute, the American Bankers Association, and the Independent Community Bankers of America represented the banking industry, none of which has publicly commented on the latest White House meeting.The US Treasury estimated in April that widespread adoption of stablecoins could trigger $6.6 trillion in deposit outflows from the banking system. However, according to Terrett, one banking member at the meeting said their concerns stem more from competitive pressures than from deposit flight.Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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