As efforts to regulate the cryptocurrency market in the US gain momentum, noteworthy messages emerged from the recent meeting of the Republican side in the Senate.
Speaking after the meeting, which was also attended by White House Crypto Council Executive Director Patrick Witt, Senator Cynthia Lummis stated that significant progress had been made, particularly in negotiations regarding yield and reward mechanisms, but that the process was still “on a delicate balance.”
According to information shared by Lummis’ press team, a large degree of agreement has been reached regarding stablecoin yields. The statement read, “A 99% consensus has been reached on stablecoin yields, and negotiations on the digital asset sections of the bill are also progressing positively. Today’s meeting was extremely productive and positive.” However, it was noted that some senators provided feedback suggesting that housing policies and regulations concerning the local banking system should also be addressed.
Meanwhile, Republicans on the Senate Banking Committee are reportedly working on a new compromise formula under the “Clarity Act.” This formula would involve adding provisions to the bill that would ease regulatory responsibilities for local banks in exchange for the House of Representatives approving the Senate’s housing package as it stands. It has been confirmed that this proposal was discussed at a meeting held earlier in the day.
*This is not investment advice.
