Express
Negotiations on US Crypto Market Structure Bill Stalled: DeFi Regulation and Stablecoin Profits Main Points of Contention
Summary: Despite reports, US Senate Banking Committee Chairman Tim Scott has indicated a hearing on the crypto market structure bill will be held on January 15, but negotiation documents reveal four key areas of disagreement, including: 1. DeFi: Calls for decentralized finance (DeFi) to be supervised on par with US federal regulatory financial companies, but basic ...
Despite reports, US Senate Banking Committee Chairman Tim Scott has indicated a hearing on the crypto market structure bill will be held on January 15, but negotiation documents reveal four key areas of disagreement, including:
1. DeFi: Calls for decentralized finance (DeFi) to be supervised on par with US federal regulatory financial companies, but basic definitions and issues remain unresolved.
2. Stablecoin Profits: The GENIUS bill stipulates stablecoin issuers cannot offer interest, but their affiliates can provide profits and customer reward programs. The banking industry believes this may threaten its core deposit business, with some Democrats hoping to restrict crypto profits.
3. Ethical Standards: Calls for prohibiting US senior government officials from personal gain in crypto activities.
4. CFTC: The Commodity Futures Trading Commission (CFTC) will play a leading role in crypto regulation, but the allocation of seats for both US parties in the CFTC needs to be balanced. (CoinDesk)
Tags:
Link: Negotiations on US Crypto Market Structure Bill Stalled: DeFi Regulation and Stablecoin Profits Main Points of Contention [Copy]
