The U.S. Senate's progress on the cryptocurrency market structure bill (similar to the House-passed 'Clarity Act') has significantly slowed this week, with committee voting expected to be postponed until next year. Three major points of contention:
1. The 'yield/reward' rules for stablecoins, which banks want to tighten comprehensively, risking bipartisan support;
2. The conflict of interest regarding the President's family's crypto business, with some lawmakers pushing for a ban but failing to reach an agreement;
3. The regulatory boundaries for DeFi, with some wanting to include developers and validators under intermediary regulation, which the industry strongly opposes.
Due to the need for coordination between the Senate Banking Committee and the Agriculture Committee, and with few legislative days remaining, hopes for passage before the end of the year are slim, and negotiations may drag on until January 2026.
1. The 'yield/reward' rules for stablecoins, which banks want to tighten comprehensively, risking bipartisan support;
2. The conflict of interest regarding the President's family's crypto business, with some lawmakers pushing for a ban but failing to reach an agreement;
3. The regulatory boundaries for DeFi, with some wanting to include developers and validators under intermediary regulation, which the industry strongly opposes.
Due to the need for coordination between the Senate Banking Committee and the Agriculture Committee, and with few legislative days remaining, hopes for passage before the end of the year are slim, and negotiations may drag on until January 2026.