"This may be our only chance to get market structure done. I can't be any clearer: The time for clarity is now. We really are going to get it out of the Banking Committee in April."
"We've got to get the banks to swallow hard.... Gosh the banks got really dug in on this. But they're gonna get there. We think we've got it on stablecoin yield, though she acknowledged she has not seen the negotiated language herself."
"Time is not our friend and urging passage of market structure legislation before Easter. The bill aims to balance innovation with financial stability, particularly regarding yield-bearing stablecoins, which have become a central discussion point."
U.S. Senators are accelerating efforts to pass cryptocurrency market structure legislation, with Senator Cynthia Lummis emphasizing the urgency and limited window for action. The Banking Committee plans to mark up the bill in April following the Easter recess. Lawmakers are working toward a compromise on stablecoin yield provisions, though banking industry resistance remains a challenge. Senator Kevin Cramer warned that time constraints are critical, urging passage before Easter. The legislation aims to balance innovation with financial stability, particularly addressing yield-bearing stablecoins. Senate Banking Committee Chairman Tim Scott indicated a revised draft focused on stablecoins could be introduced imminently, with White House involvement in the process.
#cryptocurrency-regulation #stablecoin-legislation #market-structure #senate-banking-committee #financial-stability
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