Representatives of the crypto and banking industries will meet with legislative staff on Thursday and Friday to review the revised compromise language on stablecoin dividend provisions in the market structure bill, three people familiar with the plans told CoinDesk.
Industry representatives first saw the compromise language, led by Sens. Angela Alsobrooks (D-Md.) and Thom Tillis (RN.C.), last week. At the time, the proposed compromise banned dividends based solely on stablecoin balances, but allowed companies to pay dividends based on activities. The crypto industry had some problems with the language.
Politico first reported the meetings took place earlier Thursday.
The text was originally expected to be released this week, but that is now unlikely. Crypto in America first reported that the text release would be delayed on Wednesday.
An individual familiar with the matter told CoinDesk earlier this week that parts of the language were still being negotiated. Another person told CoinDesk late last week that some of the crypto industry’s desired changes were largely technical tweaks to clarify details, rather than substantive changes around the treatment of dividends.
It was not clear at press time what actual changes were made or when the text might be released to the public.
Sen. Cynthia Lummis (R-Wyo.) said last month that she expected a markup hearing — where lawmakers will debate the bill, possible amendments and vote on whether to advance the legislation to the full Senate — later in April. According to Senate Banking Committee rules, the bill must be published at least 48 hours before the hearing.
While the stablecoin dividend and reward are the most prominent issues delaying the adoption of the Market Structure Law, other concerns remain. These include how exactly decentralized finance (DeFi) can be defined and regulated in the bill, and whether it will address the involvement of US President Donald Trump’s family in various crypto projects.
