Crypto Bill Stablecoin Yield Compromise Could Come This Week: Tim Scott
Senator Tim Scott expects a compromise on stablecoin yield—a key issue delaying crypto market structure legislation—by the end of this week, with the White House planning to announce an update soon. While the House passed its version last year, the Senate has stalled, largely over how to regulate yield programs offered by companies like Coinbase. The banking industry wants such programs banned, citing competition with bank savings accounts, while Coinbase and crypto advocates oppose restrictions. Negotiations between the crypto and banking sectors, led by senators and White House officials, have yet to produce a deal. The legislative window is closing quickly, with an estimated six weeks left to pass the bill before congressional focus shifts to midterms. Other unresolved hurdles include potential restrictions on Trump family crypto ventures and the regulation of decentralized finance (DeFi) platforms, which remain contentious among lawmakers. While significant disagreements persist, there is cautious optimism in the Senate that progress on stablecoin yield could reinvigorate the bill’s chances.
