The U.S. Cryptocurrency Market Structure Act may be delayed until May for review, with banking industry lobbying intensifying disagreements.

ME News message: On April 20 (UTC+8), the U.S. “CLARITY Act” is entering a critical negotiation period this week. Whether it will receive the long-awaited committee review in April or be postponed to May will depend on recent developments. Early in the week, the Senate Banking Committee will focus on the hearing for Federal Reserve Chair nominee Kevin Walsh. After that, the committee will need to decide by Friday whether to notify for consideration of the bill, so that a vote can be held during the week of April 27.

Banking groups represented by the North Carolina Bankers Association are launching lobbying efforts targeting the bill’s provisions that limit stablecoin yield, urging members to call Senator Thom Tillis’s office to request amendments. It is also reported that industry groups are reaching out to other members of the committee.

After more than two months of negotiations, crypto companies and banks reached a compromise at the end of last month. The crypto industry is generally satisfied. However, after a report from the White House Council of Economic Advisers played down the risks of stablecoin yield to the banking system, banks’ calls for amendments have grown stronger.

Patrick Witt, Executive Director of the White House Crypto Commission, criticized banks on the X platform, saying they are “further lobbying out of greed or ignorance.” Senator Tillis proposed holding an in-person “Crypto Carnival” meeting, but this may extend the timeline. He emphasized that there are still issues that need to be negotiated, but expressed optimism about scheduling a review in the coming weeks.

In addition to the yield issue, the bill also needs to address provisions related to morality and DeFi. This week’s progress will determine the fate of the bill, and the market is paying close attention. (Source: ChainCatcher)