Regarding the issue of yields, Senator Lummis has stated that reward programs for stablecoins, which do not incorporate banking terminology associated with savings and interest, could remain viable. She argues that these programs are more similar to credit card rewards than traditional interest accrued from bank deposits.
Lummis noted that Coinbase’s CEO, Brian Armstrong, who previously opposed an earlier version of a bill that stalled a Senate hearing, has shown more openness during recent discussions. As of Thursday, the company has not provided a comment regarding its current stance.
While Congress continues its deliberations, the Securities and Exchange Commission has been actively releasing and discussing new guidelines related to cryptocurrency. This includes a pioneering taxonomy that outlines regulatory definitions for crypto assets in the United States. In a CoinDesk opinion piece published Thursday, Chairman Paul Atkins and the two Republican commissioners expressed their desire for a new law to support the policies currently under development.
“Only Congress possesses the authority to amend the law, and we are prepared to collaborate with [Commodity Futures Trading Commission] Chairman Michael Selig to enact the CLARITY Act,” they stated. “In the meantime, we are committed to delivering the responsible regulatory framework that the market requires.”