Representatives from the banking and crypto industries will meet with legislative staff 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 saw the compromise language, led by Sens. Angela Alsobrooks (D-Md.) and Thom Tillis (R.N.C.), last week. At the time, the proposed compromise prohibited performance based solely on stablecoin balances, but allowed companies to pay performance based on activities. The crypto industry had some problems with the language.
Politico first reported that the meetings would take place Thursday morning.
The text was originally expected to be published this week, but that is now unlikely. Crypto in America first reported that publication of the text would be delayed on Wednesday.
A family member told CoinDesk earlier this week that parts of the language were still being negotiated. Another person told CoinDesk late last week that some of the changes desired by the crypto industry were largely technical tweaks to clarify details, rather than substantial changes around the treatment of performance.
At press time it was unclear what actual changes were made or when the text could be released to the general public.
Sen. Cynthia Lummis (R-Wyo.) said last month that she expected a margin hearing, where lawmakers will debate the bill, potential amendments and vote on whether to bring the legislation to the Senate floor, later in April. Under Senate Banking Committee rules, the bill must be released at least 48 hours before the hearing.
While stablecoin performance and rewards are the most prominent issues delaying the passage of the market structure bill, other concerns remain. These include how exactly decentralized finance (DeFi) could be defined and regulated in the bill and whether it will address US President Donald Trump’s family’s involvement in various crypto projects.
