The White House Encryption Conference: What is the debate between the banking industry and the money ring giant for two hours
Writing: Knight of the Block Chain
ON MONDAY, WHITE HOUSE OFFICIALS MET WITH LEADERS OF THE ENCRYPTION INDUSTRY AND MAJOR BANKING GROUPS TO TRY TO EASE A KEY REGULATORY DISPUTE THAT SLOWED THE LONG-AWAITED PROGRESS OF ENCRYPTION MARKET STRUCTURE LEGISLATION (THE CLARITY BILL)。
The meeting focused on one of the most controversial issues impeding the adoption of the bill: Whether stabilizer issuers and relevant third parties should be allowed to provide stable currency holding gains or incentives。
THE DISCUSSION WAS HELD AGAINST THE BACKGROUND OF ONGOING LOBBYING BY THE BANKING SECTOR, WHICH HAS BEEN URGING LEGISLATORS TO INCLUDE PROVISIONS IN THE CARITY ACT PROHIBITING DISTRIBUTORS AND THIRD PARTIES FROM PROVIDING INCENTIVES LINKED TO STABLE CURRENCY。
However, the encryption industry believed that such restrictions would tilt the competitive environment towards traditional financial institutions, which, they said, were increasingly concerned about competition from digital asset companies。
Eleanor Terrett of Crypto In America shared more details about the meeting, citing sources of information。
According to Terrett, the meeting lasted two hours and was a lively one, with participants having balanced exchanges on the risks and potential benefits of stabilizing currency gains。
The meeting brought together a wide range of stakeholders, including representatives from major banking institutions, such as the American Bankers Association, the Institute of Banking Policy, the Financial Services Forum, the Consumer Bankers Association and the Independent Community Bankers Association of the United States。
Participants also included Fuda Investment, PayPal, Paradigm, Sofi, Coinbase, Paxos, Cripto.com, Kraken, Ripple and Tether, as well as advocacy organizations such as block chains associations, digital chambers of commerce and encryption councils。
Other participants included Stripe, Galaxy Digital, Multicoin, Circle and Cantor。
Following the meeting, Cody Carbone, President of the Digital Chamber of Commerce and Head of Encryption Policy, stated that the meeting was an important step forward。
According to Cody, the conference "is the progress needed to address one of the biggest problems impeding progress in the legislation of market structures"。
The same view was expressed by Patrick Witt, Executive Director of the White House Encryption Committee, who thanked those involved in encrypted money and banking for calling it a fact-based, solution-oriented dialogue。
Patrick noted that, in recent months, policymakers and industry leaders had made progress on several policy challenges that were once perceived as unsolved, and expressed confidence that the issue of incentives to stabilize currencies could also be addressed through sustained dialogue。
The banking groups participating in the meeting also issued a joint statement reaffirming their respective positions. They stressed that any final legislation should continue to support local lending to households and micro-enterprises, maintain financial system stability and promote sustainable economic growth。
Despite apparent progress, the legislative process remains unclear. It is not clear whether the Senate Banking Commission will follow its example。
AN IMPORTANT PROCEDURAL OBSTACLE WAS REMOVED WHEN THE COMMISSION APPROVED THE RELEVANT PART OF THE CLARITY BILL LAST THURSDAY IN A ROUTINE REVIEW。
