U.S. Officials Discuss Stablecoin Rewards with Banks and Crypto Groups
- U.S. officials met with banks and crypto industry groups at the White House to discuss stablecoin rewards under proposed market-structure legislation.
- The focus was on structuring incentives without classifying stablecoin issuers as deposit-taking institutions.
- Stablecoin rewards are a key obstacle in advancing the CLARITY Act, with banks concerned about blurring lines between tokens and traditional deposits.
- Crypto firms argue that prohibiting rewards could reduce competitiveness and push innovation offshore.
- The Crypto Council for Innovation (CCI) emphasized ongoing engagement to establish a framework benefiting American consumers and U.S. competitiveness.
The meeting aimed to resolve how stablecoin incentives can be offered without regulatory treatment akin to bank deposits, which remains a contentious issue in the legislative process of the CLARITY Act.
No agreement was reached, leaving uncertainty over whether lawmakers can resolve this issue during the current legislative session, highlighting its significance in shaping future digital asset policies.(Source)
