Conflict of interest between crypto and banking sectors
Crypto executives and banking representatives met at the White House to discuss a stablecoin bill, with stablecoin rewards programs being the primary focus of the work session. Banks are concerned that the popularity of such programs could harm their own credit and debit cards, which generate significant fee income for them. They are not interested in promoting alternative instruments that could distract customers from traditional banking products.
At the same time, crypto companies view stablecoin rewards programs as an effective way to attract and retain users, especially in emerging markets where access to traditional financial services is limited.
Finding a compromise
Despite the conflict of interest, both sides will have to find a compromise within the framework of future stablecoin legislation. Regulators are interested in ensuring that new financial technologies develop while adhering to safety and consumer protection standards.
Experts believe that the final decision will take into account the interests of both crypto and traditional financial companies. It is likely that certain restrictions will be placed on stablecoin rewards programs, but they will not be completely banned.