Legislative staffers are meeting with crypto and banking industry representatives on Thursday and Friday to discuss revised compromise language for stablecoin yield provisions in the market structure bill, according to sources. The compromise language, led by Senators Angela Alsobrooks and Thom Tillis, was first viewed by industry representatives last week and proposed a ban on yield based solely on stablecoin balances, while allowing yield based on activities. However, the crypto industry raised concerns about the language. The release of the bill's text, initially expected this week, has been postponed.
Negotiations are ongoing, with some changes being technical in nature and aimed at clarifying details rather than altering the treatment of yield. The timeline for the text's release remains uncertain. 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 connections to U.S. President Donald Trump's family's involvement in crypto projects.