Senate Banking Committee Unveils 309-Page Crypto Market Structure Bill Before Thursday Markup
The U.S. Senate Banking Committee released a 309-page crypto market structure bill ahead of a Thursday markup, sparking debate over stablecoin yield and ethics.Summary
The U.S. Senate Banking Committee has unveiled the 309-page Digital Asset Market Clarity Act, which aims to establish a regulatory framework for the cryptocurrency industry. A key point of contention is Section 404, which restricts stablecoin issuers from paying interest that functions like bank yields, while allowing transaction-based rewards. While industry leaders like Coinbase CEO Brian Armstrong support the bill as a necessary compromise, major banking associations strongly oppose it, citing concerns over deposit migration. Additionally, a significant political standoff remains regarding ethics provisions, as Democrats insist on banning public officials from profiting from crypto investments before they will support the legislation.
(Source：Bitcoin Magazine)