Lawmakers reach breakthrough with ‘agreement in principle’ over stablecoin yield in sweeping crypto bill
US lawmakers have reached a preliminary agreement on stablecoin yield as part of a broader crypto bill, addressing concerns about innovation and deposit flight.Summary
Key negotiators, including Senators Angela Alsobrooks and Thom Tillis, along with the White House, have reached an “agreement in principle” regarding the treatment of stablecoin yield within a comprehensive crypto market structure bill. This agreement aims to balance protecting stablecoin innovation with preventing deposit flight from traditional banks, a key concern for many stakeholders. The debate centered on whether stablecoin issuers or third-party platforms should be allowed to offer yields, with the banking industry fearing deposit losses and crypto companies advocating for continued innovation. While outstanding issues remain regarding ethics and illicit finance, this milestone increases the likelihood of a bipartisan vote in the Banking Committee. The bill also seeks to clarify regulatory authority between the CFTC and SEC, and establish disclosure requirements for digital assets, mirroring the Clarity Act passed by the House.
(Source：The Block)