Senator Tim Scott, chair of the Senate Banking Committee, said Tuesday a compromise on stablecoin yield could emerge by week’s end-potentially breaking the logjam on the long-stalled crypto market structure bill.
The dispute centers on whether firms like Coinbase may offer yield on dollar-pegged stablecoins. Banks oppose it, citing competitive pressure on low-yield savings; crypto firms call it essential for adoption.
Coinbase withdrew support in January after fearing restrictions on stablecoin rewards. The Senate Banking vote was pulled and never rescheduled.
White House-led talks stalled after March, but Senators Thom Tillis and Angela Alsobrooks have since engaged directly with leadership. Rep. Dusty Johnson warned the Senate has roughly six weeks before legislative momentum collapses ahead of the 2026 midterms.
Acting CEA Chair Pierre Yared stressed stablecoin yield’s outsized impact on adoption-despite minimal effect on banks.
Other unresolved issues include Trump family crypto ventures and DeFi carve-outs-both potential dealbreakers.
Scott acknowledged the hurdles but remained cautiously optimistic: “Let us pray.”