Overview
- A third White House-led session produced what participants called constructive progress, though no deal on stablecoin rewards has been finalized.
- Draft language under review would bar yield on idle stablecoin balances while allowing narrowly defined rewards tied to usage or transactions.
- Enforcement authority would rest with the SEC, Treasury and CFTC, with civil penalties of up to $500,000 per violation per day to deter evasion.
- Banking groups represented by the ABA, BPI and ICBA are weighing the proposal and seeking a study on potential deposit outflows as they cite competitive concerns.
- The administration set a March 1 target to resolve the dispute, but Democratic demands on ethics rules, DeFi and commission appointments still complicate passage even as some industry leaders predict an April vote.