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CoinWorld News, U.S. Senator Tom Tillis is pushing the long-stalled Stablecoin Transparency Act into the Senate Banking Committee's review process, aiming to address Washington's controversy over stablecoin yields and advance protections for non-custodial crypto developers supported by Cynthia Lummis.
Tillis stated that he will request the committee chair to schedule a hearing after the upcoming congressional recess and pledged to release an updated legislative text regarding stablecoin yields four to five days before the meeting for industry and other stakeholders to review in advance.
He emphasized that the main concerns of the banking sector regarding risks related to stablecoin yields have been addressed in recent negotiations and urged any remaining dissenting institutions to "participate in good faith to improve the legislation."