US Crypto Market Structure Legislation Delayed, Senate Banking Committee April Hearing Unlikely

BlockBeats News, April 21st. According to The Block, key negotiator of the U.S. Senate Banking Committee and Republican Senator from North Carolina, Thom Tillis, stated that the committee is expected to not be able to schedule a hearing in April to amend and vote on the cryptocurrency market structure bill.

Currently, the main disagreement in the legislation focuses on the treatment of stablecoin rewards. The current draft proposes to prohibit idle stablecoin accounts from receiving rewards but allows rewards from transaction activities. Banking industry representatives are concerned that such rewards will attract deposits out of traditional banks, while crypto companies believe that restricting rewards will hinder innovation. Tillis suggested delaying the committee's deliberation until May.

Previously, Senator Bernie Moreno warned that if the bill fails to pass before May, "digital asset legislation will be unable to move forward in the foreseeable future."