The White House said it supports market structure legislation that would allow stablecoin rewards on a limited basis.
The White House conveyed the position at a third meeting with representatives from the banking sector and the virtual asset industry. It added the condition that stablecoin rewards must not threaten banks' deposit business. Banking representatives are actively participating in drafting related provisions, and the White House plans to finalise the latest draft and distribute it to all parties.
A key issue in the talks is Section 404 of the bill, the stablecoin rewards provision. The provision aims to amend the GENIUS Act passed last year.
Differences over the bill remain. Democrats are calling for a ban on senior public officials' involvement in the virtual asset industry and for filling Democratic vacancies at the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Chi-gyu Hwang (황치규)
delight@d-today.co.kr