According to The Block, Senators Angela Alsobrooks and Thom Tillis reached a compromise on stablecoin rewards last week, clearing a major hurdle in broad cryptocurrency legislation. The deal blocks “covered parties” from paying interest or yield on stablecoins held by U.S. customers, while permitting activity-based or transaction-based rewards. Kristin Smith, president of the Solana Policy Institute, raised her odds of a comprehensive crypto bill becoming law from 40% to 60%, citing the breakthrough. The compromise paves the way for a second markup hearing in the Senate Banking Committee as early as next week.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Rwanda's Parliament Passes Virtual Assets Bill With Up to 100M Francs Fine on May 5
According to ChainCatcher, Rwanda's lower house of parliament passed a virtual assets regulatory bill on May 5, establishing penalties for unauthorized cryptocurrency operations. Individuals operating without authorization face 3 to 5 years imprisonment plus fines of 30 million to 50 million
GateNews10m ago
BoE's Bailey Warns of Regulatory 'Wrestle' With U.S. Over Stablecoin Standards on Friday
According to Reuters, on Friday, Bank of England Governor Andrew Bailey warned that international regulators face a "coming wrestle" with the U.S. government over stablecoin standards. Bailey, who chairs the Financial Stability Board, flagged a key vulnerability: some U.S. dollar-pegged
GateNews33m ago
Duke Lecturer Argues World Liberty Financial's WLFI Token May Be Unregistered Security on Friday
According to Lee Reiners, a lecturing fellow at Duke University and former Federal Reserve Bank of New York examiner, World Liberty Financial's WLFI token may constitute an unregistered security, based on analysis published on Friday, May 8. Citing the SEC's recent token taxonomy, Reiners argues
GateNews45m ago
CFTC and SEC Currently Align on Prediction Market Regulatory Boundaries
According to FOX reporter Charles Gasparino, the U.S. CFTC and SEC are currently aligning on regulatory boundaries for prediction markets and recent anomalous trading related to Iran-related conflicts. Gasparino noted that while the industry assumes CFTC has sole jurisdiction, the SEC will
GateNews2h ago
Bank of England Governor Bailey: The UK and US stablecoin rules are about to “square off,” warning that a bank run will come to the UK
Bank of England (BoE) Governor Andrew Bailey warned on May 9 at a meeting hosted by the Bank of England in the UK that the US and the UK are about to enter a “tug-of-war” phase on stablecoin regulation, and that the UK worries it could face bank-run (run-on) risks if it adopts stablecoins. The Block reported on Bailey’s remarks: “We know what happens if stablecoins are subject to a run—they all come here (to the UK),” suggesting that dollar stablecoins promoted by the GENIUS bill in the US, if b
ChainNewsAbmedia2h ago
Senate Banking Committee Sets May 14 Vote on Crypto Legislation
The Senate Banking Committee announced on Friday that it will hold a markup on May 14 to advance a bill that would regulate the cryptocurrency industry comprehensively at the federal level for the first time, according to The Block. This marks the committee's second attempt after cancelling a markup
CryptoFrontier3h ago
