Legislative staffers are meeting with crypto and banking industry representatives on Thursday and Friday to discuss revised compromise language for stablecoin yield provisions. This language, led by Senators Angela Alsobrooks and Thom Tillis, was first viewed last week and has undergone changes to address the crypto industry's concerns.
The initial proposal prohibited yield based solely on stablecoin balances but allowed yield based on activities. However, the crypto industry had issues with the language, leading to further negotiations. The release of the bill's text, initially expected this week, has been delayed. Portions of the language are still being negotiated, with some changes being technical tweaks to clarify details.
The actual changes made and the release date of the text to the public are currently unclear. Senator Cynthia Lummis expects a markup hearing later in April, where lawmakers will debate the bill and vote on its advancement. Other outstanding concerns include the definition and regulation of decentralized finance and the involvement of U.S. President Donald Trump's family with crypto projects.