Negotiations on the U.S. cryptocurrency legislation enter a critical week, with the Senate Banking Committee planning to vote before the end of this month

ME News update, April 12 (UTC+8). As U.S. congress members return to Capitol Hill next week, negotiations over how to handle “stablecoin rewards” are heating up. The Senate Banking Committee plans to vote on the Crypto Market Structure Act by the end of this month, and the way stablecoin rewards are handled has been the main obstacle that has blocked the bill’s progress in the committee over the past year.

The GENIUS stablecoin act, passed in July last year, prohibits issuers from directly paying interest to holders, but it does not restrict third-party platforms from offering rewards. A recent report released by White House economists shows that stablecoin rewards are unlikely to have a material impact on bank lending. Treasury Secretary Scott Bessent has published an op-ed in The Wall Street Journal urging the Senate to pass the bill as soon as possible. Senator Cynthia Lummis said this is the last chance to pass the Clarity Act before 2030. (Source: Foresight News)