Legislative staffers are meeting with representatives of the crypto and banking industries on Thursday and Friday to examine revised compromise language on stablecoin yield provisions in the market structure bill, according to three people familiar with the plans. This revised 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 companies to pay out yield based on activities. However, the crypto industry had raised concerns regarding the language. The release of the bill's text, initially expected this week, has now been pushed back.
Earlier reports indicated that some sections of the language were still being negotiated, with the crypto industry seeking largely technical tweaks to clarify details rather than substantive changes. The actual changes made to the language and the new release date remain unclear.
Senator Cynthia Lummis expects a markup hearing later in April, where lawmakers will debate the bill and possible amendments. Other outstanding concerns include the definition and regulation of decentralized finance and the bill's stance on the involvement of U.S. President Donald Trump's family with various crypto projects.