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 sources. The compromise language, led by Senators Angela Alsobrooks and Thom Tillis, was first viewed by industry representatives last week and proposes banning yield based solely on stablecoin balances, while allowing yield based on activities. However, the crypto industry had raised concerns over the language.
The bill's text was initially expected to be released this week, but its release is now unlikely due to ongoing negotiations. Some of the desired changes by the crypto industry are reportedly technical tweaks to clarify details, rather than major changes to the treatment of yield.
The actual changes made to the language and the release date of the bill's text remain unclear. Senator Cynthia Lummis expects a markup hearing to take place later in April, where lawmakers will debate and vote on the bill.
Other outstanding concerns include the definition and regulation of decentralized finance and the potential involvement of U.S. President Donald Trump's family with crypto projects.