The U.S. Senate Banking Committee is scheduled to return to the issue of cryptocurrency regulation on May 14th when it holds a public hearing. markup The Transparency Act was enacted in an attempt to restart the project, which has been stalled for several months due to disagreements over how to handle stablecoin performance.
so-calledyield” (interest or return) is One of the key points of friction between traditional banking and the digital asset sector. In this context, the development of the project comes after an agreement between Senators Thom Tillis and Angela Alsobrooks that redefines how incentives related to stablecoins should be treated within the regulatory framework.
he markup It is the stage in the legislative process where parliamentary committees take place. consider, amend, and vote on the text of the bill; before sending it to the full Senate. This allows you to make significant changes to your content. In this case, the argument is that stablecoins are It can generate income without being classified as a bank deposit.
The new phase of the process began after an agreement was reached last week. It is not possible to provide yield on passive holdings of stablecoins. Although rewards related to active use of the platform or network are permitted if these operate in a manner comparable to bank rates.
As reported by CriptoNoticias, this difference in stablecoin returns was key to unlocking progress for the project, which had lost momentum at the beginning of the year following the withdrawal of support from Coinbase due to regulatory conflicts.
The debate has also caused friction with the banking sector. Requested additional adjustments to project language We take into account that certain incentive schemes may actually reproduce the characteristics of savings accounts or reward deposits.
Financial associations have warned that this could put a strain on the traditional banking system by introducing products that compete for the same type of personal savings without being formally classified as deposits and could change the existing supervisory framework.
Despite the advances in markup We present the relevant steps in the clarity method process. This document has not yet been finalized and is not widely disseminated. Additionally, it must be harmonized with other legislative versions in Congress before moving toward a final vote in the full Senate. This process is currently conditioned by a lack of agreement on the legal classification of stablecoin incentives.
(Tag to translate) Cryptocurrency
