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According to Bloomberg, Coinbase has announced that an agreement has been reached on key stablecoin yield provisions in the crypto market legislation.
Previously, debates over whether exchanges can offer yields to users holding stablecoins had hindered legislative progress, with banks advocating for banning such rewards to prevent funds from flowing out of traditional deposit systems.
Under the latest plan, the ability for users to earn yields based on actual usage will be maintained with certain restrictions added.
This development is expected to advance the related crypto market structure bill into a vote by the U.S. Senate Banking Committee and clarify the regulatory responsibilities of the U.S. SEC and CFTC in the digital asset space.