The US Senate Banking Committee is initiating an important process that will shape the progress of the bill at the hearing of the long-awaited Digital Asset Market Openness Act on Thursday. This law, which aims to eliminate uncertainty in the digital asset market, aims to respond to the search for a clear framework in the cryptocurrency sector.
Voting process and progress of legislation
The 24 senators in the committee will express their opinions and vote on many amendments proposed to be added to the text of the law during the session to be held on Thursday. The final decision will be determined by the vote on whether the bill will be sent to the Senate plenary session.
There is still a long road ahead for the bill to become law. If it passes the Banking Committee, the bill would be joined by a different version in the Senate Agriculture Committee. The bill will then be discussed and voted on in the Senate plenary session. Afterwards, it will need to be harmonized with its counterpart in the House of Representatives and will be put to vote again in this chamber. In the final stage, it will be sent to the president for approval.
Consensus on stablecoin yield
A consensus was reached among committee members on the stablecoin yield, which is one of the critical topics of the bill. As a result of the negotiations between North Carolina Senator Thom Tillis and Maryland Senator Angela Alsobrooks, a middle ground was found on this issue and the new text was shared with other senators at the beginning of the month. However, ethical provisions still stand out among controversial topics.
One of the items being discussed is whether an ethical regulation regarding whether senior government officials have commercial ties in the cryptocurrency industry will be added to the bill. According to a recent survey commissioned by CoinDesk, 73 percent of the US public does not find it appropriate for senior government officials to have business relationships in the crypto industry. The reason why this trend was included as an article within the scope of the law was that US President Donald Trump and his family have connections with some crypto companies, including World Liberty Financial.
Criticisms from the banking sector
Although agreement has been reached on the return of stablecoins, the banking industry generally argues that these provisions are too flexible in favor of cryptocurrencies. Banking associations across the state expressed their concerns in letters to lawmakers. It is stated that bankers have sent approximately 8 thousand letters to senators so far.
Bankers state that regulations regarding stablecoin revenues leave their sector in a risky position and may create a disadvantage in terms of financial balance compared to the crypto sector.
While it is reported that the session was followed live, CoinDesk continues to share all the details of the session instantly.
According to findings compiled by CoinDesk, the US public is largely opposed to senior government officials having business relationships with crypto companies; This led to ethical topics coming to the fore in the bill.
