🔥 This is the outcome of today's meeting at the White House regarding the crypto bill, shared by Eleanor Terrett. During the meeting, banks and crypto companies fiercely debated whether stablecoins should be allowed to pay interest or rewards. Banks are concerned that if stablecoins pay interest or offer incentives, people will withdraw money from banks. Crypto companies want rewards to attract users and develop the ecosystem. This battle is essentially about who controls digital money in the future. Currently, there is no final agreement, but both sides are trying to find common ground before the deadline of March 1, and it is highly likely that rewards will only be allowed at a limited level with strict oversight.
The document in the image shows that banks want stablecoins to be used only for payments, not for making money. They want to completely ban the payment of interest, yields, rewards, or any benefits for stablecoin holders, while empowering regulators to punish companies that violate or try to circumvent the law. Crypto companies are also prohibited from promoting stablecoins as bank deposits or claiming that they are completely safe. Currently, banks only accept the possibility of a very small number of exceptions, but all are under strict control.
