On Thursday and Friday, representatives from the cryptocurrency and banking sectors are convening with legislative staff to discuss updated compromise language concerning stablecoin yield provisions in the market structure legislation, according to multiple sources familiar with the situation, as reported by CoinDesk.
Last week, industry members were first introduced to the compromise language, which was led by Senators Angela Alsobrooks (D-Md.) and Thom Tillis (R-N.C.). At that point, the proposed revisions prohibited yield that depends solely on stablecoin holdings but permitted companies to offer yield based on specific activities. Some concerns from the crypto sector were raised regarding the wording.
Politico was the first to report on the scheduled meetings earlier today.
The draft was anticipated to be released this week; however, that timeline now appears uncertain. Crypto in America initially highlighted the likelihood of a delay in the release of the text on Wednesday.
A source close to the discussions informed CoinDesk earlier this week that some aspects of the language were still under negotiation. Another insider indicated to CoinDesk late last week that the adjustments sought by the crypto industry were primarily technical refinements aimed at clarifying specifics, rather than significant shifts in the yield treatment.