Updated Senate Banking Committee bill tackles stablecoin rewards, DeFi but sidesteps Trump’s crypto conflicts of interest
The Block
The Senate Banking Committee's updated crypto bill clarifies stablecoin rewards and DeFi regulations but lacks provisions addressing presidential financial conflicts of interest.Summary
The Senate Banking Committee has released updated text for its comprehensive cryptocurrency market structure bill, which aims to provide regulatory clarity for stablecoin rewards and protect software developers. While the bill has secured backing from parts of the crypto industry and resolves previous concerns regarding stablecoin interest payments, it faces opposition from banking trade groups concerned about deposit stability. Notably, the legislation omits ethics provisions intended to curb financial conflicts of interest for federal officials, specifically regarding President Donald Trump’s digital asset holdings, drawing sharp criticism from Democratic senators who argue such measures are essential for support.
(Source：The Block)