Tim Scott Expects Proposal for Stalled Crypto Bill This Week

Senator Tim Scott said he expects a proposal this week on a stablecoin yield payments provision that has stalled a crypto market structure bill. Speaking at a crypto lobby event in Washington, D.C., he added, "If that actually happens before the end of this week, and I think that it will [...] I think we’re going to be in much better shape." The Senate has been working to advance its version of a crypto market structure bill after the House passed the CLARITY Act, and negotiations have stalled over a provision that would ban third parties from offering stablecoin yield payments.

Banking groups contend that yields paid by platforms such as crypto exchanges are a loophole in the GENIUS Act, which banned yield payments from stablecoin issuers, and could threaten the banking system through deposit flight. Crypto lobbyists have pushed back, accusing banks of anti-competitive behavior.

United States, Washington, D.C.

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