White House Draft Would Levy $500,000-Per-Day Fines for Stablecoin Yield Evasion

The White House is moving forward with draft rules that would bar yield on payment stablecoins and penalize evasion. Proposed enforcement would empower the SEC and CFTC to levy civil fines of $500,000 per violation per day. The measures emerged during the administration's third meeting with crypto firms and banking trade groups.