U.S. Senator: Crypto Market Structure Bill Negotiations Making Progress, Stablecoin Yield Proposal Could Land This Week

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March 18 — CoinDesk reports that Senate Banking Committee Chairman Tim Scott told attendees at a Washington, D.C., blockchain summit Wednesday (March 18) that the previously stalled cryptocurrency market structure bill is making significant behind-the-scenes progress. A new draft — featuring at least stablecoin-related provisions — is expected to be released this week. Scott noted stablecoin yields have been the most publicly debated issue in the legislation. Democratic Sen. Angela Alsobrooks, Republican Sen. Thom Tillis and White House official Patrick Witt are actively working to resolve the matter. On outstanding issues, Scott revealed several disagreements from the past month have moved into negotiation phase, including: - Ethics concerns tied to former President Donald Trump and his family’s cryptocurrency projects; - The lack of bipartisan seats on key regulatory agencies; - DeFi regulatory and anti-money laundering (AML) compliance requirements. He added progress is being made on these items, with the overall outlook positive.

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