Crypto Community Pushes Back Against Wall Street
Following a White House meeting where Wall Street bankers pushed for an outright ban on stablecoin yield products, the Digital Chamber released a new set of rules advocating for stablecoin reward mechanisms under specific conditions to help break the legislative deadlock.
Conflict Between Crypto and Traditional Banking
The core of the debate revolves around the Senate’s proposed crypto market structure bill. Banks argue that allowing stablecoins to generate yield threatens their deposit-based business model. During the recent White House meeting, bankers made their stance clear by circulating a document titled the 'Yield and Interest Ban Principles.'
Digital Chamber Proposes a Middle Ground
In response, the Digital Chamber circulated its own set of principles defending a clause in the Senate Banking Committee's draft bill that allows stablecoin rewards in certain scenarios. CEO Cody Carbone emphasized that this move demonstrates the crypto industry’s willingness to compromise with policymakers.
- New framework for stablecoin rewards
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- Crypto sector pushing for regulatory clarity