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Odaily News As the U.S. midterm elections approach, the White House is accelerating efforts to promote a crypto market structure bill to ease the long-standing disputes between the banking industry and the crypto sector.Reports indicate that multiple parties, including Treasury Secretary Scott Bessent, White House crypto advisor Patrick Witt, and related policy figures, have recently publicly called for advancing this bill. The U.S. Council of Economic Advisers has also released a report addressing the banking industry's concerns about the crypto sector.Analysts suggest that, based on the timing, the current period may be a critical window for promoting relevant legislation, but uncertainty remains regarding whether the bill can be smoothly passed. (The Hill)
According to Decrypt, U.S. Senator Thom Tillis stated that the Senate is expected to release the revised draft text on stablecoin yield distribution this week. Currently, banks and crypto firms are divided over whether cryptocurrency exchanges should be permitted to pay yields to stablecoin holders through reward programs—a dispute that has stalled the legislative progress of the Clarity Act. The White House Council of Economic Advisers recently released a report stating that banning stablecoin yields would have a negligible impact on small banks, boosting bank lending by only 0.02%. However, the American Bankers Association contends that this analysis underestimates the risks. Observers note that if the draft provisions are overly restrictive, users and liquidity could shift to other jurisdictions that permit such yields.