Crypto Industry Seeks Congressional Action on Stablecoin Legislation Following Compromise Proposal
Senators Thom Tillis and Angela Alsobrooks released compromise language to regulate stablecoin rewards, prompting crypto firms like Coinbase to push for a Senate Banking Committee vote by May 11. The proposal would prohibit yield-like rewards on stablecoins but allow them if users spend the coins, addressing concerns from banks about deposit flight.
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Topics: CLARITY Act Coinbase Congress crypto regulation Senate Banking Committee stablecoins