Representatives from the crypto and banking industries are meeting with legislative staffers on Thursday and Friday to review updated compromise language on stablecoin yield provisions contained in a broader market structure bill. Three people familiar with the plans confirmed the meetings to CoinDesk. Politico was first to report that the sessions were taking place earlier on Thursday.
The compromise language was initially put forward by Senator Angela Alsobrooks (D-Md.) and Senator Thom Tillis (R-N.C.), and industry representatives first reviewed it last week. As originally drafted, the proposal prohibited yield payments based solely on stablecoin balances while permitting companies to distribute yield tied to specific activities. The crypto industry raised concerns about that formulation.
One person familiar with the matter told CoinDesk earlier this week that portions of the language remained under negotiation. A separate source indicated late last week that many of the changes sought by the crypto industry were largely technical in nature, aimed at clarifying details rather than altering the fundamental treatment of yield. As of press time, it was not clear what specific revisions had been made.
The full text of the revised bill had been expected to be released this week, but that timeline now appears unlikely to hold. Crypto in America first reported the delay on Wednesday. The postponement reflects the ongoing complexity of reaching agreement among the various stakeholders involved in shaping the legislation.
Senator Cynthia Lummis (R-Wyo.) stated last month that she anticipated a markup hearing later in April, during which lawmakers would debate the bill, consider possible amendments, and vote on whether to advance it to the full Senate. Under the Senate Banking Committee‘s rules, the bill must be published at least 48 hours before any such hearing can take place.
While the stablecoin yield and rewards provisions represent the most prominent sticking point, other unresolved issues continue to complicate the bill’s progress. Among them is the question of how decentralized finance, or DeFi, would be defined and regulated under the legislation. Additionally, there are outstanding concerns about whether the bill will address President Donald Trump‘s family’s involvement with various crypto projects.
Originally reported by CoinDesk.
