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

BlockBeats News, March 18th. According to CoinDesk, U.S. Senator Tim Scott, Chairman of the Senate Banking Committee, stated at a blockchain summit in Washington DC on March 18th that the previously stalled cryptocurrency market structure bill is making substantial progress behind the scenes, with expectations of receiving a new draft including at least stablecoin-related provisions sometime this week.

Scott mentioned that the stablecoin yield issue has been the most publicly discussed topic in the bill, with Democratic Senator Angela Alsobrooks, Republican Senator Thom Tillis, and White House official Patrick Witt actively working towards a resolution.

On other unresolved issues, Scott revealed that several disagreements over the past month have entered the negotiation phase, including ethics concerns arising from former President Trump and his family's cryptocurrency projects, the lack of bipartisan committee seats in key regulatory agencies, and DeFi regulatory and anti-money laundering (AML) compliance requirements. Scott stated that progress is being made on these issues, and the overall outlook is positive.