In the studies carried out for a new bill on crypto markets in the US Congress, an important article regarding stablecoin returns was brought to the agenda. In the statement made by Senator Cynthia Lummis last week, it was stated that this new text discussed in the bill was opened to the evaluation of industry representatives before being presented to the public. The main purpose of the regulation in question is to determine the legal framework regarding stablecoin returns.
Industry representatives were discussed during the preparation of the bill.
Representatives from the crypto and finance industry had the opportunity to review the section of the bill on stablecoin revenues on March 23 and 24. Senators Angela Alsobrooks and Thom Tillis announced the preliminary agreement on crypto market regulation earlier in the week. During the week, crypto industry representatives and banking industry representatives met with Congressional advisors to discuss the relevant draft.
While the prepared text was expected to be announced to the public, it was observed that satisfaction was not high among industry representatives. Despite the meeting traffic, the final version of the regulatory articles regarding stablecoin returns is planned to be shared with the public in a short time.
Financial technology startups and banks are concerned that the provisions in the draft will require regulators to create new rules. Additionally, it is not yet clear what the limitations on stablecoin returns will cover.
No major changes are expected in the draft law
The text of the controversial article is not expected to contain significant changes. Those who participated in the talks and were familiar with the process pointed out that only some technical arrangements could be made in the coming days. At this point, no significant revision is foreseen in the main basis of the prepared text.
However, some institutions in the crypto industry have begun to prepare their own counter-proposals. It remains unclear how effective these proposals will be and whether they will be reflected in the legal text.
Senator Cynthia Lummis stated that she expects the crypto market regulation bill to be discussed in the second half of April at a meeting in Congress where changes to the articles and wording are discussed. With the preliminary agreement, the first step in this process was taken.
In this process, while Congress is taking a two-week break due to the Easter holiday, it is stated that the ongoing discussions about the budget of the Department of Homeland Security may change the plans.
