U.S. Senate Banking Committee Delays Crypto Market Structure Bill Review, April Hearing Unlikely

Gate News message, April 21 — The U.S. Senate Banking Committee does not expect to schedule a hearing to revise and vote on a crypto market structure bill in April, according to Senator Thom Tillis (R-NC), a key negotiator on the committee. The primary point of contention centers on how stablecoin rewards should be handled, with the current draft proposing to ban rewards on idle stablecoin accounts while allowing yields from trading activity. Banks worry such yields will siphon deposits away from traditional banking, while crypto firms argue the restrictions will hinder innovation. Tillis has suggested the committee postpone its review to May.

Senator Bernie Moreno previously warned that if the bill does not pass by May, "digital asset legislation will not move forward in any meaningful way in the foreseeable future." The delay marks a setback for efforts to establish comprehensive U.S. regulatory framework for crypto markets.