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 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 it is now unlikely. Meetings between industry representatives and legislative staffers were first reported by Politico on Thursday.
An individual familiar with the matter stated that some language was still being negotiated earlier this week, while another person mentioned that the crypto industry's desired changes were largely technical tweaks. Senator Cynthia Lummis expects a markup hearing to take place later in April, where lawmakers will debate the bill and vote on whether to advance it to the full Senate. Other outstanding concerns with the bill include the definition and regulation of decentralized finance and the involvement of U.S.
President Donald Trump's family with various crypto projects.