Legislative staff are meeting with representatives from the crypto and banking industries on Thursday and Friday to discuss revised language for stablecoin yield provisions in the market structure bill, according to sources familiar with the matter. The compromise language, led by Senators Angela Alsobrooks and Thom Tillis, was first reviewed last week and proposed a ban on yield based solely on stablecoin balances, while allowing yield based on activities.
However, the crypto industry raised some concerns about the language. The release of the bill's text, initially expected this week, has been delayed. Negotiations are still underway, with some technical adjustments being made to clarify details. The exact changes and release timeline remain unclear.
Senator Cynthia Lummis expects a markup hearing later in April, where lawmakers will debate and vote on the bill. Other outstanding issues include the definition and regulation of decentralized finance and potential connections to U.S. President Donald Trump's family's crypto projects.