""The agreement allows us to protect innovation while giving us the opportunity to prevent widespread deposit flight," Alsobrooks said."
"Tillis described the deal as a positive step but noted the need to consult with industry stakeholders before finalizing details."
"Early indications suggest it could bar yield payments on passive stablecoin balances."
"The tentative deal signals progress toward an April vote on the crypto market-structure bill, potentially unlocking the first major federal regulatory framework for digital assets."
Key senators and the White House have reached a tentative agreement on cryptocurrency legislation aimed at resolving disputes between banks and digital asset firms regarding stablecoin yields. The agreement seeks to prevent stablecoin rewards from causing significant deposit withdrawals from traditional banks. Senators Thom Tillis and Angela Alsobrooks emphasized the importance of protecting innovation while ensuring financial stability. The deal may lead to a vote on a comprehensive crypto market-structure bill, which would establish a federal regulatory framework for digital assets.
Read at Bitcoin Magazine
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