U.S. Senators Angela Alsobrooks (D-Md.) and Thom Tillis (R-N.C.) have reached an agreement-in-principle on stablecoin yield provisions within the pending crypto market structure bill.
Industry stakeholders reviewed the proposal on March 23 and 24 ahead of a potential public release. Reactions were largely critical, with concerns over regulatory constraints and limits on yield-bearing stablecoin balances.
Despite backlash, major revisions are unlikely. Minor technical adjustments may still occur before the bill proceeds to markup, possibly in late April as predicted by Senator Cynthia Lummis (R-Wyo.).
Meanwhile, legal pressure mounts on prediction market firm Kalshi. Washington state sued the company for allegedly offering unregulated gambling products, following Nevada’s recent court-ordered restrictions.