Legislative staffers are meeting with crypto and banking industry representatives to discuss revised compromise language on stablecoin yield provisions, according to sources familiar with the matter. The compromise, led by Senators Angela Alsobrooks and Thom Tillis, was first viewed by industry representatives last week and has undergone revisions. The original proposal banned yield based on stablecoin balances but allowed yield based on activities, which raised concerns among crypto industry stakeholders.
The release of the bill's text, initially expected this week, has been delayed due to ongoing negotiations. Senator Cynthia Lummis expects a markup hearing to take place later in April, pending the bill's publication at least 48 hours in advance. Outstanding issues, including the definition and regulation of decentralized finance and potential connections to U.S.
President Donald Trump's family, remain to be addressed.