Senator AS Tim Scott: Stalemate Crypto Bill Expected to See Breakthrough This Week

On Tuesday, U.S. Senate Banking Committee Chairman Tim Scott revealed at a crypto lobbying event in Washington, D.C. that a stalled crypto market structure bill is expected to see a breakthrough this week.

He expressed that he expects to receive a compromise proposal on stablecoin yield payment terms this week, and if realized, this would clear the biggest obstacle to advancing the bill.

Since the postponement of the combined hearing in January, the Senate Banking Committee has been seeking to advance its version of the crypto market structure bill, which aims to establish a clear regulatory framework for regulators in cryptocurrency supervision.

As early as July last year, the House had already passed similar "CLARITY Act" legislation. The bill currently being advanced by the Senate Banking Committee echoes the legislation previously passed by the House, jointly promoting the improvement of the cryptocurrency regulatory framework.

The core controversy of the bill centers on whether to prohibit third-party payment stablecoin yields. The retention or removal of this provision directly determines the final fate of the bill.

Simply put, the banking industry argues that stablecoin yield services could trigger deposit outflows and threaten banking system stability; while the crypto industry counters that this is anti-competitive behavior, as the yield mechanism has become an important tool for attracting users.

However, the stablecoin yield issue is just the tip of the iceberg. Scott revealed that bill negotiations also involve ethical clauses, decentralized finance regulatory frameworks, and scope of application demarcation and other core issues.

Although these issues receive less attention than the stablecoin yield provision, they are equally key factors affecting bill quality.

However, in the past 30 days, legislators have made substantial progress on these issues, with overall momentum tilting in a positive direction.

In summary, Scott's latest remarks signal that the banking committee is fully pushing forward with related work, striving to complete the legislative process as soon as possible.

This positive development is undoubtedly a major positive for the crypto industry, meaning that the industry's long-awaited regulatory clarity is expected to become a reality sooner.

#CLARITY法案 # Stablecoin Yields