Compromise on Stablecoin Yield Expected Soon, Says Senator Tim Scott
- Senator Tim Scott anticipates a compromise on the stablecoin yield issue by the end of this week.
- The dispute involves whether companies like Coinbase can offer yield on stablecoins, a key point of contention with banks.
- The Senate has yet to act on the crypto market structure bill, which aims to legalize most crypto activities under federal law.
- The White House plans to announce an update soon, following stalled talks between crypto and banking industries.
- Lawmakers warn of limited time to pass the bill before the upcoming midterms in early November.
Senator Tim Scott expects a proposal addressing the stablecoin yield issue by week’s end, potentially resolving a significant delay in passing the crypto market structure bill. The Senate’s inaction contrasts with the House’s earlier bipartisan approval of its version last summer.
With time running out before midterms, lawmakers stress urgency in finalizing legislation that would federally legitimize most crypto activities and address concerns over stablecoin yields offered by companies like Coinbase. (Source)
