Senate Banking Committee Chairman Tim Scott said this week that allowing crypto firms to offer rewards on stablecoins would not cause a mass withdrawal of deposits from traditional banks. Speaking to Fox News, Scott emphasized that crypto companies should not market themselves like banks, even if rewards are permitted.

A White House meeting earlier in the week between crypto and banking representatives ended without an agreement, but Scott said discussions will continue. He stressed that both sides remain engaged and expressed confidence that a compromise can be reached.

Meanwhile, the crypto market structure bill still faces a challenging path forward, requiring bipartisan Senate support before it can reach President Trump’s desk.