White House Says Community Banks Gave No Response to Request for Direct Participation in Stablecoin Rewards Talks
Summary
- The White House said it asked community banks to participate directly in negotiations over stablecoin rewards, but did not receive a response.
- Patrick Witt, the White House’s digital-asset adviser, said the American Bankers Association (ABA) and the Independent Community Bankers of America (ICBA) attended every White House meeting related to stablecoin rewards.
- In the US, discussions are continuing between banks and the crypto industry over the scope of crypto platforms offering stablecoin rewards.
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The White House said it asked community banks to participate directly in negotiations over stablecoin rewards but received no separate response.
Patrick Witt, the White House’s digital-asset adviser, wrote on X on September 11 that the American Bankers Association and the Independent Community Bankers of America attended every White House meeting on stablecoin rewards. Witt also serves as executive director of the White House President’s Council of Advisers for Digital Assets.
He said the White House separately asked the two groups whether any individual member banks wanted to attend the meetings, but got no reply.
Witt added that after the White House-led meetings ended, Senators Thom Tillis and Angela Alsobrooks continued discussions with the ABA, the ICBA and several community banks.
In the US, banks and the crypto industry are continuing to discuss how broadly crypto platforms should be allowed to offer stablecoin rewards.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.