A proposed US crypto market structure bill addressing stablecoin yield has drawn mixed reactions from both crypto and banking industry participants despite an agreement-in-principle from lawmakers.
The draft language, backed by Senators Cynthia Lummis, Angela Alsobrooks, and Thom Tillis, is expected to shape how stablecoin yields are regulated, with concerns it could restrict returns and expand oversight.
Industry representatives who reviewed the proposal raised issues around potential limits on yield-bearing stablecoins and the possibility of new regulatory frameworks governing permissible activities.
No official text has been released publicly yet, but discussions with legislative staff indicate only minor revisions are likely before the bill moves toward markup in April.
The proposal reflects growing efforts by US lawmakers to define the regulatory boundaries of stablecoins as part of broader crypto market structure legislation.
Both crypto firms and traditional financial institutions appear dissatisfied, suggesting competing interests over how yield-generating stablecoin products should be treated.
The next phase will involve public release of the draft and potential counterproposals from industry stakeholders as lawmakers prepare for formal debate and amendments.