Representatives from the cryptocurrency and banking industries will meet with lawmakers on Thursday and Friday to review revised compromise language in a market structure bill regarding stablecoin yield provisions, three people familiar with the matter told CoinDesk.
Last week, industry representatives got their first look at the compromise language spearheaded by Sens. Angela Alsobrooks (D-Md.) and Thom Tillis (R-N.C.). At the time, the proposed compromise prohibited earnings based solely on stablecoin balances, but did allow companies to pay earnings based on activity. There are some issues with the language of the crypto industry.
Politico first reported that the meeting would take place early 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 until Wednesday.
Earlier this week, a person familiar with the matter told CoinDesk that parts of the language were still being negotiated. Another person told CoinDesk late last week that some of the changes expected by the cryptocurrency industry are primarily technical tweaks to clarify details rather than substantive changes around the treatment of yields.
As of press time, it was unclear exactly what changes had been made or when the text would be released to the public.
Sen. Cynthia Lummis, R-Wyo., said last month she expected to hold a markup hearing later in April in which lawmakers will debate the bill, possible amendments and vote on whether to send the bill to the full Senate. Under Senate Banking Committee rules, the bill must be released at least 48 hours before a hearing.
While stablecoin yields and rewards are the most prominent issues preventing the passage of the market structure bill, other issues remain prominent. These include how exactly the bill would define and regulate decentralized finance (DeFi) and whether it would address the involvement of U.S. President Donald Trump’s family in various crypto projects.
