Representatives of the industry examined on March 23 and 24 the proposed provisions regarding performance in the cryptocurrency market structure bill. The Internet – at least X (formerly Twitter) – was not satisfied, but this may not be very important.
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The Story We have a new text describing how the cryptocurrency market structure bill could address stablecoin performance.
Only some people have seen the text so far, although it should be released soon for public consumption and review.
Why It’s Important Senator Cynthia Lummis (R-Wyo.) stated earlier this month that she expects a bill revision session on the cryptocurrency market structure bill – the hearing where legislators debate amendments and wording before voting on a bill – during the second half of April. Legislators have taken the first step towards this revision with an agreement on cryptocurrency market structure legislation.
Detailed Analysis Representatives from the cryptocurrency industry and the banking sector have reviewed the proposed “principled agreement”, announced last week by Senators Angela Alsobrooks (D-Md.) and Thom Tillis (R-N.C.). Earlier this week, crypto representatives met with legislative staff on Monday and bank representatives met with staff on Tuesday.
No one seems particularly satisfied with the agreement. The text has not been made public yet, although it should be released in the coming week. Concerns range from the possibility that the proposed language encourages regulators to develop new rules regarding permissible activities to how it could restrict stablecoin yield balances.
It is unlikely that the language will undergo major revisions, although a person familiar with the matter stated that there may be some minor changes. Many of the necessary changes are just technical adjustments, they clarified.
However, sector interests seem to be leaning towards presenting some sort of counter proposal on the wording. It remains to be seen how that will go.
This Week Congress is expected to be on a two-week Easter break, although ongoing debates on funding for the Department of Homeland Security could change the situation.
If you have any thoughts or questions on topics I should cover next week, or any other feedback you would like to share, feel free to email me at [email protected] or find me on Bluesky @nikhileshde.bsky.social.
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Until next week, everyone!
