Representatives from the crypto and banking industries will meet with legislative staff members Thursday and Friday to review revised compromise text on the stable coin yield provisions in the market structure bill, three people familiar with the plans told CoinDesk.
Industry representatives first saw the compromise text, led by Senators Angela Alsobrooks (D-Md.) and Thom Tillis (R-N.C.), last week. At the time, the proposed compromise prohibited returns based solely on stable balances, but allowed companies to pay returns based on their activities. The crypto industry has had some issues with language.
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.
An individual familiar told CoinDesk earlier this week that parts of the language were still being negotiated. Another person told CoinDesk last week that some of the changes desired by the crypto industry were largely technical adjustments aimed at clarifying details, rather than substantive changes around the treatment of yield.
At press time, it was unclear what actual changes had been made or when the text might be made public.
Sen. Cynthia Lummis (R-Wyo.) said last month that she expected a markup hearing — during which lawmakers will debate the bill, possible amendments and vote on whether to advance the bill to the full Senate — later in April. Under Senate Banking Committee rules, the bill must be released at least 48 hours before the hearing.
Although stablecoin yield and rewards are the most important issues delaying the passage of the Market Structure Bill, other concerns remain unresolved. These include how decentralized finance (DeFi) could be defined and regulated in the bill and whether it will address the involvement of US President Donald Trump’s family in various crypto projects.
