This week, U.S. Senator Tim Scott stated that banks and cryptocurrency lobbyists might reach a compromise on stablecoin yield payments. Currently, the Senate's cryptocurrency market structure bill remains stalled.
He said, “If we can really achieve this within the week, I think we will have a better situation.”
Regulatory Progress Stalled
The bill under discussion is the Senate's cryptocurrency market structure legislation, formally known as the Digital Asset Market Clarification Act (or CLARITY Act), which aims to clarify how regulatory agencies oversee digital assets and define the roles of different entities.
However, progress on the bill has been stalled due to disagreements over provisions that would prohibit third parties from providing stablecoin yield payments.
The bill involves the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Other Issues Being Addressed
Scott pointed out that negotiations are not limited to stablecoin yields; other provisions regarding ethics, decentralized finance, and “who is included and who is excluded” are also under discussion.
He added, “In the last 30 days or so, we have made significant progress.” Regulators and lawmakers are continuing to narrow their differences, and this progress is noteworthy as the momentum for the bill increases.