Representatives from the crypto and banking industries are meeting with legislative aides on Thursday and Friday to consider revised compromise language on stablecoin yield provisions in the market structure bill, three people familiar with the plans told CoinDesk.
Industry representatives first reviewed the text of the compromise, led by Senators Angela Alsobrooks (D-Md.) and Thom Tillis (R-N.C.), last week. At that time, the proposed compromise prohibited returns based solely on stablecoin balances, but allowed companies to pay returns based on activities. The cryptocurrency industry has expressed certain reservations regarding this text.
Politico first reported that the meetings were taking place earlier on Thursday.
The text was initially expected to be published this week, but this is now unlikely. Crypto in America first reported that the release of the text would be delayed on Wednesday.
A source familiar with the matter told CoinDesk earlier this week that parts of the text were still being negotiated. Another person told CoinDesk late last week that some of the changes sought by the cryptocurrency industry were largely technical tweaks to clarify details, rather than substantive changes regarding the treatment of yield.
It was not clear at the time of writing what actual changes had been made, nor when the text might be made public.
Sen. Cynthia Lummis (R-Wyo.) said last month that she expected a review session — in which lawmakers will debate the bill, possible amendments and vote on whether to send the legislation to the full House. Senate – later in April. Under Senate Banking Committee rules, the bill must be released at least 48 hours before the hearing.
While the returns and rewards linked to stablecoins are the main blocking points for the adoption of the market structure bill, other concerns remain unresolved. These include how decentralized finance (DeFi) could be defined and regulated in the bill, as well as whether it will address the involvement of US President Donald Trump’s family in various crypto projects.
