🏦REGULATION: BANKS REJECT WHITE HOUSE STABLECOIN REWARDS DEAL & STALL CLARITY ACT
Banks have rejected a compromise proposed by the White House on a major U.S. crypto market bill, per
@Reuters.
Officials attempted to broker a middle ground between banks and crypto companies. The proposal allowed stablecoin rewards in limited cases, such as peer-to-peer transfers between users. However, the plan prohibited incentives on idle stablecoin balances.
Crypto companies accepted the plan, banks have rejected it, fearing large outflows.