Trump’s ‘Very Soon’ Crypto Bill Meets Congressional Gridlock

President Donald Trump expressed hope at Davos to sign cryptocurrency market structure legislation "very soon," but the bill faces significant gridlock in Congress. The primary obstacle is a conflict between Coinbase and banking lobbyists regarding provisions on stablecoin yields, which allow holders to earn rewards potentially higher than bank deposit rates. The Senate Banking Committee postponed its markup after Coinbase withdrew support, stating it preferred "no bill than a bad bill" if yields are restricted. Meanwhile, the Senate Agriculture Committee is moving forward with its separate bill on digital commodities. The White House, through Patrick Witt, criticized Coinbase for obstructing progress, warning of disastrous delays. Lawmakers fear that if the legislation stalls now, it could face a two-year delay, potentially causing crypto business to move overseas, as the US risks falling behind in establishing a clear regulatory framework for the future of banking.

(Source：BeInCrypto)