Representatives of the crypto and banking industries are meeting with legislative staffers on Thursday and Friday to review revised compromise language on stablecoin yield provisions in the market structure bill, three people familiar with the plans told CoinDesk.
Industry representatives first viewed the compromise language, spearheaded by Senators Angela Alsobrooks (D-Md.) and Thom Tillis (R-N.C.), last week. At the time, the proposed compromise banned yield based solely on stablecoin balances, but did allow companies to pay out yield based on activities. The crypto industry had some issues with the language.
Politico first reported that the meetings were taking place earlier Thursday.
The text was originally expected to be released this week, but that is now unlikely. Crypto in America first reported that the text release would be delayed on Wednesday.
An individual familiar told CoinDesk earlier this week that portions of the language were still being negotiated. Another person told CoinDesk late last week that some of the crypto industry’s desired changes were largely technical tweaks to clarify details, rather than substantive changes around the treatment of yield.
It was not clear as of press time what actual changes were made, or when the text may be released to the general public.
Senator Cynthia Lummis (R-Wyo.) said last month that she expected a markup hearing — where lawmakers will debate the bill, possible amendments and vote on whether to advance the legislation to the full Senate — later in April. Under the Senate Banking Committee’s rules, the bill must be published at least 48 hours before the hearing.
While stablecoin yield and rewards are the most prominent issues holding up passage of the market structure bill, other concerns remain outstanding. These include how exactly decentralized finance (DeFi) might be defined and regulated in the bill and whether it will address U.S. President Donald Trump’s family’s involvement with various crypto projects.
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