Crypto Bill Can Advance, but Lobbyists Will Be Unhappy: Senator

Senator Angela Alsobrooks, a key member of the Senate Banking Committee, stated that a compromise proposal is being developed with Senator Thom Tillis to advance the crypto market structure bill. She emphasized that both the crypto and banking industries will likely need to accept some dissatisfaction to achieve progress, stating, “All of us will probably walk away just a little bit unhappy.” A major point of contention is the potential ban on third-party stablecoin yield payments, which banking groups argue poses a risk of deposit flight and destabilizes the banking system. Crypto lobby groups oppose this ban, as yield payments attract customers. Senator Alsobrooks indicated that revisiting the issue of interest and yield was anticipated, and addressing stablecoin yields is crucial to prevent undermining the banking sector. A recent survey by the American Bankers Association revealed that 42% of Americans support banning stablecoin yields if they pose a risk to banks.

(Source：Cointelegraph)