Negotiations on the US Crypto Market Structure Bill Stall: DeFi Regulation and Stablecoin Yields Emerge as Main Points of Disagreement

According to Odaily, Tim Scott, Chairman of the U.S. Senate Banking Committee, previously stated that a hearing on the crypto market structure bill would be held on January 15. However, negotiation documents show that there are still four unresolved issues, with the main points of disagreement including:

1. DeFi: There is a demand for decentralized finance (DeFi) to be subject to the same level of oversight as federally regulated financial companies in the U.S., but its basic definition and related issues remain unresolved.

2. Stablecoin Yields: The GENIUS Act stipulates that stablecoin issuers cannot offer interest, but their affiliated companies can provide yields and customer reward programs. The banking industry believes this could threaten their core deposit business, and some Democrats hope to restrict crypto yields.

3. Code of Ethics: There is a requirement to prohibit senior U.S. government officials from obtaining personal benefits from crypto activities.

4. CFTC: The U.S. Commodity Futures Trading Commission (CFTC) will play a leading role in crypto regulation, but the allocation of seats between the two parties within the CFTC needs to be balanced. (CoinDesk)