This week, the US government is once again seeking rapprochement with the crypto sector and the financial world. A meeting is planned in Washington between representatives of crypto companies, banks and policymakers about a stalled bill. According to those involved, this conversation could determine, among other things, the future of stablecoins in the United States.
Disagreement over stablecoin rewards
The consultation follows the postponement of an important vote on the so-called crypto market structure bill, or the Clarity Act. That law should provide clarity about supervision and rules, but was stalled earlier this month due to disagreements about stablecoin rewards.
Stablecoins are crypto coins that are tied to traditional currencies, such as the dollar, and are widely used for payments and trading. Some providers pay a form of return, for example through interest on reserves.
Traditional banks see this as a direct threat. They warn that savings could flow away towards crypto, putting pressure on their position in the financial system.
Crypto companies think those concerns are exaggerated. According to them, rewards actually provide more choice and better conditions for users. They also argue that innovation should not be held back to protect existing revenue models. In their view, returns are part of a modern financial market in which technology plays an increasingly important role.
Crucial moment for crypto legislation
The consultation is organized by a special crypto policy council within the White House. This group includes employees from the Ministry of Finance and the National Economic Council. The aim is to talk directly to market parties and thus regain momentum in the law.
Several interest groups from the crypto industry have confirmed that they are participating. The Blockchain Association said it sees the conversation as an opportunity to finally agree on clear rules. The Crypto Council for Innovation is also present and emphasizes the importance of regulations that both protect consumers and enable innovation.
According to market experts, there is more at stake than just this law. If the US is too strict or too slow, there is a risk that companies and investments will move to other countries.
Precisely for that reason, this consultation is seen as a crucial moment, in which it must become clear whether Washington is prepared to find a middle ground between established banks and a fast-growing crypto sector.
Source: https://newsbit.nl/washington-zoekt-toenadering-tot-crypto-cruciaal-overleg-over-stablecoins/
