Stablecoin Yield Talks Push Back Release of Crypto Market Structure Bill Text

Representatives from the crypto and banking sectors are scheduled to meet with congressional staff on Thursday and Friday to review updated compromise language covering stablecoin yield provisions in a broader market structure bill, according to three people familiar with the plans. The revised language, led by Senators Angela Alsobrooks (D-Md.) and Thom Tillis (R-N.C.), was first shared with industry representatives last week. At that stage, the draft would have barred yield based solely on holding stablecoin balances, while still allowing firms to offer yield tied to certain activities. Participants said the crypto industry raised concerns about the approach. Politico first reported the meetings earlier Thursday. The bill text had been expected this week, but a release now appears unlikely. Crypto in America reported Wednesday that publication would slip, and one person familiar with the discussions told CoinDesk earlier this week that parts of the language were still under negotiation. Another source said some requested industry changes were largely technical clarifications rather than a shift in how yield would be treated. As of publication, it was unclear what changes were ultimately made or when the draft will be released publicly. Senator Cynthia Lummis (R-Wyo.) said last month she anticipated a markup hearing later in April, when lawmakers would debate the bill, consider amendments and vote on whether to move it to the full Senate. Senate Banking Committee rules require the text to be published at least 48 hours before such a hearing. Stablecoin yield and rewards remain the most visible issues slowing progress, but other unresolved questions persist, including how the bill will define and regulate decentralized finance (DeFi) and whether it will address U.S. President Donald Trump's family's involvement in various crypto projects.