The White House says a compromise on stablecoin rewards is getting closer after a closed-door meeting between crypto and banking representatives, Crypto in America reported on Feb. 23. White House Crypto Council Executive Director Patrick Witt said the gap has “shrunk considerably.”
Attendees included Coinbase, Ripple and Andreessen Horowitz, alongside the Blockchain Association and the Crypto Council for Innovation, with banking views represented by the American Bankers Association, the Bank Policy Institute and the Independent Community Bankers of America. The White House brought draft legislative language, required participants to hand over phones, and walked through the text line by line. A key tradeoff is taking yield on idle stablecoin balances off the table, while debating narrowly scoped, activity-based rewards, with proposed anti-evasion language that could allow the SEC, Treasury and the CFTC to enforce an idle-yield ban, including civil penalties of $500,000 per violation, per day.
Witt said officials are targeting March 1 to resolve the dispute, which would allow the Senate Banking Committee to reschedule its postponed Jan. 15 markup, with timing ultimately set by Chairman Tim Scott. Stakeholders will watch whether a fourth meeting happens this week and whether draft language lands in a form that unlocks the broader market-structure package.
Source: Crypto in America.
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