White House floats limited stablecoin rewards in third crypto, bank meeting

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.

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