White House: Supports some stablecoin rewards programs and urges banks to accelerate the implementation of market structure legislation.

PANews reported on February 20th that, according to CoinDesk, the White House expressed support for partial stablecoin rewards programs during talks with the banking and crypto industries and urged banks to reach an agreement on market structure legislation. Sources familiar with the matter revealed that if the banking industry agrees, restricted stablecoin rewards will be included in the next draft of the U.S. Senate's Digital Asset Market Clarity Act.

At Thursday's meeting, the White House team, led by Trump's crypto advisor Patrick Witt, made it clear that reward programs for certain activities would remain in the bill, except for stablecoin holding rewards similar to deposit accounts. Summer Mersinger, CEO of the Blockchain Association, stated that the meeting was a constructive step forward in addressing rewards-related issues and maintaining the legislative process for market structure. Currently, the bill still needs to address Democratic demands for stronger regulation of the DeFi sector, prohibiting senior government officials from direct involvement in the crypto industry, and filling vacancies on the CFTC and SEC boards.