Скачать или смотреть Stablecoin-rewards compromise, DeFi protections lead new Senate market structure bill

A new draft of the Senate's legislation shows the bill has a compromise on stablecoin rewards and some protections for decentralized finance.
An updated draft of the U.S. Senate's legislation to regulate crypto reveals some of the important conclusions made on decentralized finance (DeFi) and stablecoin yield, but the circulating document remains silent on other key points, including whether public officials can profit off of crypto businesses while in government.
The document, released within minutes of midnight by Senate Banking Committee Chairman Tim Scott and sending bleary-eyed lobbyists into a new round of scrutiny, is 278 pages and addresses many of the outstanding issues lawmakers were negotiating in the crypto market structure bill. The bill is intended to define how federal agencies like the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission, among others, can oversee the crypto markets.
The latest release overlaps and expands on a document obtained by CoinDesk which circulated among industry stakeholders earlier Monday night and contained a portion of this legislation set for a hearing of the Senate Banking Committee later this week.
The committee plans to consider the bill on Thursday, when lawmakers will debate provisions in the bill, as well as offer amendments. Senators have until Tuesday evening to file amendments they wish to offer. A similar markup hearing in the Senate Agriculture Committee will now take place later this month, after its chair, Senator John Boozman, postponed it. Both committees will need to advance their respective bills before the overall Senate can take a look.
One of the central points of the ongoing negotiations — the question of stablecoin rewards and yield — was finally addressed after weeks of back-and-forth between the crypto industry and the banking lobby.
"In general — A digital asset service provider may not pay any form of interest or yield (whether in cash, tokens, or other consideration) solely in connection with the holding of a payment stablecoin," the bill said. This provision does not apply to "activity-based reward[s] or incentive[s]," including transactions. That resembles a compromise floated last week by Democratic Senator Angela Alsobrooks, one of the negotiators on the legislation, who sought to protect the deposit-taking business model of community banks.
A person familiar with the talks said that representatives of one of the chief industry voices on this issue, Coinbase, had seen Alsobrooks' compromise as trying to find a constructive way forward on an issue that had locked up the negotiations.
The bill used the GENIUS Act's definition of "digital asset service provider," which includes exchanges, custodians and issuers.
The bill also does not seem to include any provisions addressing ethics concerns that Democrats on the committee laid out last fall, specifically referencing President Donald Trump and his family's ties to multiple crypto businesses.
The discussion draft includes provisions addressing how securities are to be regulated by the U.S. Securities and Exchange Commission, illicit finance, decentralized finance, banking and "responsible regulatory innovation."
The bill includes the Senate's "ancillary asset," a term previously introduced in an earlier draft from the Banking Committee. The House of Representatives did not include this term in its...
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