Legislative staffers are meeting with crypto and banking industry representatives to discuss revised compromise language for stablecoin yield provisions. The initial proposal, led by Senators Angela Alsobrooks and Thom Tillis, banned yield based solely on stablecoin balances but allowed yield based on activities, prompting some concerns from the crypto industry. The meetings, which began on Thursday, aim to address these concerns and finalize the language.
The bill's release, initially expected this week, has been delayed. While some technical tweaks have been made, the extent of the changes is unclear.
Senator Cynthia Lummis expects a markup hearing later in April, where lawmakers will debate and vote on the bill. Other outstanding issues include the definition and regulation of decentralized finance and potential conflicts of interest involving the US President's family.