said<\/a> he expects to \u201chave the first proposal in my hands to take a look at.\u201d<\/p>\n\u201cIf that actually happens before the end of this week, and I think that it will [\u2026] I think we\u2019re going to be in much better shape,\u201d he said.<\/p>\n
Regulation has been stalled<\/h2>\n
The bill in question is the Senate\u2019s crypto market structure legislation, formally known as the Digital Asset Market Clarity Act (or the CLARITY Act), which was introduced to outline how regulators will oversee digital assets and define the roles of different agencies.<\/p>\n
<\/p>\n
However, progress around the legislation came to a standstill after disagreements emerged over a provision that would ban third parties from offering stablecoin yield payments.<\/p>\n
Bankers argue that such yield offerings create a loophole that could drive deposits away from traditional banks, while crypto proponents say the restriction is anti-competitive and limits user incentives.<\/p>\n
The bill concerns both the Securities and Exchange Commission and the Commodity Futures Trading Commission.<\/p>\n
Senate Banking, which oversees the SEC, indefinitely postponed a markup of the bill in January. Subsequently, the Senate Agriculture Committee, which oversees the CFTC, advanced its version to the Senate floor.<\/p>\n
Over the past weeks, bankers and crypto lobbyists have met for multiple closed-door meetings to negotiate a middle ground, but the Senate Banking Committee has not yet scheduled any formal updates to the legislative calendar.<\/p>\n
In recent comments, House Financial Services Committee chair French Hill said the CLARITY Act can help address some of the unresolved issues tied to stablecoin regulation and broader market structure concerns.<\/p>\n
Other issues being addressed<\/h2>\n
According to Scott, the negotiations extend beyond just stablecoin yield, and other provisions around ethics, decentralized finance, and \u201cwho is carved in and who is carved out\u201d are also being worked through.<\/p>\n
\u201cWe have made a lot of progress over the last probably 30 days or so,\u201d he said, adding that regulators and lawmakers are continuing to narrow differences as momentum builds behind the bill.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
This week banks and crypto lobbyists may reach a compromise on stablecoin yield payments, according to U.S. Senator Tim Scott. Currently, the Senate\u2019s crypto market structure bill progress remains stalled.…<\/p>\n","protected":false},"author":1,"featured_media":482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-23986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=23986"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23986\/revisions"}],"predecessor-version":[{"id":23987,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23986\/revisions\/23987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/482"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=23986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=23986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=23986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}