Legislative staffers are scheduled to meet with representatives from the crypto and banking industries on Thursday and Friday to review the revised compromise language for stablecoin yield provisions in the market structure bill, according to three individuals familiar with the plans. 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 raised concerns regarding the language. The release of the bill's text, initially expected this week, has been postponed.
Earlier this week, it was reported that portions of the language were still being negotiated, with some desired changes by the crypto industry being technical in nature. The actual changes made and the release date of the text to the public remain unclear.
Senator Cynthia Lummis anticipates a markup hearing later in April, where lawmakers will debate and vote on the bill. Outstanding concerns include the definition and regulation of decentralized finance and the potential involvement of the U.S. President's family with crypto projects.