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As discussions continue regarding the shaping of the regulatory framework in the cryptocurrency market, behind-the-scenes information about legislative efforts in the US continues to surface.
Journalist Eleanor Terrett, based on her conversations with industry sources, reported that the issue of stablecoin yields plays a critical role in legislative proposals concerning the structure of the cryptocurrency market.
According to Terrett, the process currently depends largely on the position of North Carolina Republican Senator Thom Tillis. It was noted that Tillis abstained from voting in January when the Senate Banking Committee was preparing to consider the bill, and that amendments introduced by Tillis and Senator Angela Alsobrooks, which limited the scope of rewards offered by crypto companies through stablecoins, intensified the debate. These amendments were later cited by Coinbase as one of the reasons for the company withdrawing its support for the bill.
According to recent developments, the White House has reportedly shared the draft legislation, prepared after a month of negotiations with the crypto sector and banks, with Tillis’s office. As Terrett reports, Tillis’s team has been meeting with both industry representatives and White House officials in recent days, and these discussions are described as “moving in the right direction.”
Industry representatives say that a complete agreement between crypto companies and banks should not be expected; instead, the goal is to create a text based on minimum common ground acceptable to both sides. The aim is to expedite the process by bringing the bill back to the Senate Banking Committee.
Digital Chamber CEO Cody Carbone stated that Tillis was open to discussions on stablecoin yields, saying, “I am optimistic that we can reach a point where the bill can pass with a ‘yes’ vote. We appreciate Senator Tillis’s efforts to advance regulations on market structure.”
On the other hand, it is stated that even if Democratic senators do not support the bill at its next hearing in the Senate Banking Committee, the bill could still pass along party lines, but in this scenario, Tillis’s vote would be critically important.
According to industry sources, debates over stablecoin yields have caused other parts of the bill to be overshadowed. In particular, some problematic issues related to DeFi regulation have not yet been adequately addressed, and Democrats in the Senate are reportedly working to resolve these matters quickly. Furthermore, ethical concerns for some Democratic members are expected to remain a concern.
A crypto trading firm executive said that alternative scenarios are being considered in case the Senate Banking Committee’s bill hearing schedule is pushed back to later in the year. Nevertheless, the sector is cautiously optimistic that sufficient progress on stablecoin yields and other contentious issues will be made within the next three weeks, allowing the Committee to set a new hearing date by the end of March.
*This is not investment advice.