This week, crypto and banking industry representatives are engaging with legislative staff to examine revised compromise language regarding 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 initially introduced last week and proposed a ban on yield based solely on stablecoin balances, while allowing yield based on activities. However, the crypto industry expressed some concerns with the language. Meetings between industry representatives and legislative staff are taking place on Thursday and Friday.
The release of the bill's text, initially expected this week, has been postponed. The exact changes made to the language and the new release date remain unclear.
Senator Cynthia Lummis anticipates a markup hearing later in April, where lawmakers will debate and vote on the bill. Other outstanding issues, including the definition and regulation of decentralized finance and the involvement of the U.S.
President's family with crypto projects, still need to be addressed.