White House Crypto Meeting Said To Make Progress
As previously reported, the White House crypto team met today with representatives from the banking industry and digital asset industry.
The rapid-response gathering came about after some crypto insiders stated they could not support the Crypto Market Infrastructure legislation scheduled for a markup hearing before the Senate Banking Committee. The Committee leadership quickly canceled the hearing as vested parties sought to advocate for different aspects of the legislation.
One of the biggest issues is the risk that stablecoin holders could generate returns. Payment stablecoins under the GENIUS Act must represent low-risk real-world assets, such as fiat currency and US Treasury bills. This means stablecoin reserves will generate…
