Legislative staffers are meeting with crypto and banking industry representatives to discuss revised compromise language for stablecoin yield provisions in the market structure bill. The compromise, led by Senators Angela Alsobrooks and Thom Tillis, was first viewed last week and banned yield based solely on stablecoin balances, while allowing yield based on activities. However, the crypto industry had concerns with the language. The bill's release, initially expected this week, has been delayed due to ongoing negotiations.
Some desired changes by the crypto industry are technical tweaks to clarify details, rather than substantive changes. The actual changes made and the release date of the text are still unclear. Senator Cynthia Lummis expects a markup hearing later in April, but the bill must be published at least 48 hours prior. Other outstanding concerns include the definition and regulation of decentralized finance and potential involvement with crypto projects.