Representatives of the cryptocurrency and traditional banking sectors are participating in negotiations in the US Congress on new regulations to be introduced within the scope of the stablecoin bill, which aims to regulate the market. It remains a matter of curiosity how the final version of the regulatory text will be shaped in these discussions conducted by experts.
New regulation regarding stablecoin returns is on the agenda
Last week, Senators Angela Alsobrooks and Thom Tillis introduced a new proposal that includes restrictive but somewhat flexible language regarding stablecoin returns. This proposal included a clause prohibiting direct payment of returns on stablecoin balances; However, if companies give rewards or returns to the user through certain transactions, this is allowed. Stakeholders in the cryptocurrency industry expressed reservations about some articles of the proposal.
The text of the relevant draft law was initially planned to be published this week. However, due to ongoing negotiations and the process not being completed yet, the announcement of the text was postponed to a later date. There are still points on which consensus has not been reached.
The cryptocurrency industry especially demands technical details to be clarified. Most of the demands of sector representatives consist of technical regulations that will clarify the details of the substance. However, complete clarity has still not been achieved on some issues.
Controversial topics and next steps in the market structure draft
Senator Cynthia Lummis stated in her statement last month that the bill would be discussed in the committee before the end of April. According to the rules of the US Senate Banking Committee, the bill must be presented to the public at least two days before it is discussed before the committee.
In the current talks, not only stablecoin returns are being discussed, but also the legal definition and regulation of the decentralized finance (DeFi) space. There are still different approaches on how DeFi will be handled within the scope of the draft law and the framework within which this structure will be defined in the legal legislation.
In the legal regulation prepared for cryptocurrencies, the issue of whether US President Donald Trump’s family’s past connections with crypto projects will be considered within the scope of the bill is among the topics discussed.
During the ongoing negotiations, efforts are being made to resolve disagreements among various stakeholders. It remains unclear which provisions will be included in the final version.
It is not yet clear when the text of the law will be made public or with what changes it will be published. The draft to be presented to the committee is expected to be announced.
