Senate Cryptocurrency Bill Hearing Delayed Again, Stablecoin Yields Become Negotiation Focus

【Chain Wen】The push for the Crypto Market Structure Bill has cooled down. Senator Tim Scott, Chairman of the Senate Banking Committee, recently announced a delay in the relevant hearings, with the main culprit being the issue of stablecoin yields.

Bank lobbying groups have been particularly active on this matter, pressuring to restrict the reward functions of stablecoins, arguing that interest-bearing stablecoins could divert bank deposits and threaten financial system stability. To break the deadlock, regulators proposed a compromise plan, but these conditions were deemed “unacceptable” by the stablecoin industry—some even see it as a matter of life and death.

In addition to stablecoin yields, issues such as DeFi regulation restrictions, illegal activity prevention, and tokenized securities innovation remain unresolved and are still under negotiation.

What is the timetable? The Senate will be in recess next week, and the Banking Committee will not reconvene the revised hearings until the week of January 26 to 30 at the earliest. The Senate Agriculture Committee, responsible for CFTC affairs, has scheduled the revision hearing for January 27. The subsequent progress depends on whether all parties can find a new balance.