Legislative staffers are meeting with representatives from the crypto and banking industries on Thursday and Friday to discuss revised compromise language for stablecoin yield provisions in the market structure bill, according to sources familiar with the plans. The compromise language, led by Senators Angela Alsobrooks and Thom Tillis, was first reviewed by industry representatives last week. At that time, the proposed compromise prohibited yield based solely on stablecoin balances but allowed companies to pay yield based on activities, which raised some concerns within the crypto industry.
The release of the bill's text, initially expected this week, has been delayed. Portions of the language are still being negotiated, with some desired changes being technical tweaks to clarify details rather than substantive changes to the treatment of yield. The actual changes made and the release date of the text to the public are currently unclear.
Senator Cynthia Lummis expects a markup hearing to take place later in April, where lawmakers will debate the bill and vote on its advancement. Other outstanding concerns with the bill include the definition and regulation of decentralized finance and its potential involvement with various crypto projects.