There is increasing pressure to schedule a hearing to advance crypto market structure legislation.
On Monday evening, Sen. Thom Tillis (R-N.C.), a key negotiator on the Senate Banking Committee in getting a broader bill passed into law, told reporters that he does not expect the committee to hold a hearing to amend and vote on the bill in April, according to a report from Punchbowl News.
Sens. Tillis and Angela Alsobrooks (D-Md.) have been pivotal in ironing out a “main blocker” around the treatment of stablecoin rewards. The issue was tackled in the GENIUS stablecoin legislation approved in July, which bars stablecoin issuers from paying interest straight to holders.
Still, it doesn’t prevent outside platforms — such as Coinbase — from providing rewards. Banking industry representatives argue that allowing these kinds of returns could draw deposits away from traditional banks, potentially weakening community institutions.
Meanwhile, crypto firms argue that restricting rewards would stifle innovation.
Source: X.com
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