Legislative staffers are meeting with crypto and banking industry representatives on Thursday and Friday to discuss revised compromise language for 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 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 release of the bill's text, initially expected this week, has been postponed.
Portions of the language are still being negotiated, with some desired changes by the crypto industry being technical tweaks to clarify details. Senator Cynthia Lummis expects a markup hearing later in April, where lawmakers will debate the bill and vote on whether to advance it to the full Senate.
Other outstanding concerns include the definition and regulation of decentralized finance and the involvement of U.S. President Donald Trump's family with crypto projects.