White House Backs Limited Stablecoin Rewards in U.S. Crypto Market Structure Bill Talks

The White House is supporting a narrowly tailored approach to stablecoin rewards in ongoing negotiations over the U.S. Senate's Digital Asset Market Clarity Act, people familiar with the talks said. At a Thursday working session with Wall Street banks and crypto industry representatives, White House officials said some rewards tied to specific stablecoin activities and transactions should be permitted, while excluding rewards for holdings that function like interest-bearing deposit accounts. The revisions under discussion focus on section 404 of the draft bill, which would overhaul last year's GENIUS Act and could significantly tighten how crypto platforms run rewards programs. The White House team, led by President Donald Trump's crypto adviser Patrick Witt, pushed for a swift compromise to keep the legislation on track, while Democratic lawmakers are separately pressing for stronger safeguards against bad actors and new limits on senior government officials' direct involvement in the industry.