Legislative staffers are meeting with representatives from the crypto and banking industries 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 companies to pay out yield based on activities. However, the crypto industry had some concerns with the language.
The bill's text was initially expected to be released this week, but its release has now been delayed. Portions of the language are still being negotiated, with some desired changes being technical tweaks to clarify details rather than substantive changes.
The Senate Banking Committee's rules require the bill to be published at least 48 hours before a markup hearing, which is expected to take place later in April. Other outstanding concerns with the bill include the definition and regulation of decentralized finance and the potential involvement of U.S. President Donald Trump's family with crypto projects.