US Senator Tim Scott: Stalled Crypto Bill Expected to See Breakthrough This Week

On Tuesday, US Senate Banking Committee Chair Tim Scott revealed at a crypto lobbying event in Washington, DC that the stalled crypto market structure bill is expected to see a breakthrough this week.

He indicated that a compromise proposal on stablecoin yield payment terms could be reached this week, and if achieved, this would clear the largest obstacle to advancing the bill.

Since delaying combined consideration 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 oversight.

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 parties from offering stablecoin yield services. Whether this clause is retained or removed directly determines the bill's ultimate fate.

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 anticompetitive behavior, as yield mechanisms have 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 ethics clauses, decentralized finance regulatory frameworks, and scope delineation as core issues.

While these issues receive less attention than the stablecoin yield clause, they are equally critical elements affecting bill quality.

In the past 30 days, however, 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 on related work, seeking to complete the legislative process as soon as possible.

This positive progress is undoubtedly good news for the crypto industry, suggesting that the regulatory clarity the industry has long awaited is poised to become reality faster.

#CLARITY法案 # Stablecoin Yield