Legislative staffers are scheduled to meet with representatives from the crypto and banking industries on Thursday and Friday to discuss revised compromise language regarding stablecoin yield provisions in the market structure bill, according to three people familiar with the plans. The compromise language, led by Senators Angela Alsobrooks and Thom Tillis, was first reviewed 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 release of the bill's text, initially expected this week, has been delayed.
Earlier this week, it was reported that some portions of the language were still being negotiated, with the crypto industry seeking largely technical tweaks to clarify details. The actual changes made to the language and the release date of the text to the public remain unclear.
Senator Cynthia Lummis expects a markup hearing to take place later in April, where lawmakers will debate the bill and vote on its advancement to the full Senate. The bill must be published at least 48 hours before the hearing. Outstanding concerns include the definition and regulation of decentralized finance (DeFi) and the potential involvement of U.S. President Donald Trump's family with crypto projects.