Not A Threat: Stablecoin Yield Won’t Harm Banks, White House Economists Say
In a positive development for the crypto industry, a recent study by White House economists affirmed that stablecoin yield won’t harm community banks, and its prohibition won’t have a meaningful impact on overall lending in the banking system. Related Reading: US Prosecutors Reject Tornado Cash Founder’s Defense Amid Push For October Retrial Stablecoin Yield Is […]
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The White House reportedly took the lead during the latest Crypto Council meeting, narrowing the stablecoin rewards dispute that has delayed progress in the long-awaited crypto market structure bill. Related Reading: Change Of Heart? Hacker Returns $21M Stolen Bitcoin To South Korean Prosecutors White House Steps In On CLARITY Act Dispute On Thursday, the White […]
A second White House meeting between major U.S. banks and leading crypto firms ended without a deal on stablecoin yield, leaving one of the most contentious issues in U.S. digital asset regulation unresolved. Related Reading: Solana Gets A Big Infra Signal As Alibaba Demos High-Performance RPCs The February 10 session, led by Patrick Witt, Executive […]
Ripple CEO Brad Garlinghouse recently commented on ongoing tensions between the crypto industry and traditional banking groups following public comments surrounding stablecoin yield negotiations at the White House. His response came after a series of posts on X involving journalist Eleanor Terrett and White House adviser David Sacks, ultimately resulting in Garlinghouse sending a message […]
A White House meeting aimed at breaking the logjam over stablecoin rewards under pending crypto market structure legislation aka Clarity Act ended without a compromise, even as both banking and crypto participants described the session as “productive,” according to details shared by Crypto In America reporter Eleanor Terrett citing sources in the room. The follow-up […]
A top White House official is pushing back against warnings that stablecoins will drain money from American banks — arguing the opposite is true. Related Reading: Crypto Thieves Pivot To Phishing As Protocol Hacks Decline In February Foreign Money, Domestic Gains Patrick Witt, executive director of the White House Council of Advisors for Digital Assets, posted on X this week that when foreigners convert local currencies into dollar-backed stablecoins issued by US companies, that capital flows into the American banking system, not away from it. Most US stablecoin issuers hold US dollars or....