Negotiations on US Crypto Market Structure Bill Hit Roadblocks: DeFi Regulation and Stablecoin Yield Become Major Points of Contention

Odaily News According to previous statements by Tim Scott, Chairman of the US Senate Banking Committee, a hearing on the crypto market structure bill is scheduled for January 15th. However, negotiation documents reveal that consensus has yet to be reached on four key areas, with the main points of contention including:

1. DeFi: There is a requirement for decentralized finance (DeFi) to be subject to supervision equivalent to that of federally regulated financial companies in the US, but its fundamental definition and related issues remain unresolved.

2. Stablecoin Yield: The GENIUS Act stipulates that stablecoin issuers cannot offer interest, but their affiliated companies can provide yield and customer reward programs. The banking industry believes this may threaten its core deposit business, and some Democrats wish to restrict crypto-related yields.

3. Ethics: There is a requirement to prohibit senior US government officials from deriving personal benefits from crypto activities.

4. CFTC: The US Commodity Futures Trading Commission (CFTC) is set to play a leading role in cryptocurrency regulation, but the allocation of seats between the two major US political parties within the CFTC needs to be balanced. (CoinDesk)