I don't know of any chemical reaction with bronze that would produce white powder
Just about all bronze includes at least a wee bit of zinc to enhance 'machinability', without the zinc the bronze becomes a 'btcih' to machine. The white powder is possible zinc oxide due to galvanic action attacking the zinc (using the wee zinc in the alloy as an 'anode'), the zinc has been extracted from the allow & has oxidized on the surface. Carefully remove the powder and scrutinize if that the base metal has become 'spongey-looking' or 'pink'; if yes, consider to replace immediately.
If you can remove the component without marring or destruction and with all the 'clatter trap' of hoses, etc. removed, strike the side of the component with a small hammer --- if 'rings' when hit with a hammer its probably still intact bronze; if it sounds dead/dull when hit, its probably weakened (missing components of the alloy due to galvanic action) and should be replaced.
Such valves 'should' be connected to the bonding system and the bonding system be terminated with at least one independent (zinc or magnesium according to the salinity) anode. Without electrical bonding connection ultimately to a 'zinc', if electrolysis happens the wee bit of zinc will be removed from the alloy.