Crypto, banks continue Senate bill spat with new proposal concerns: Report

Senator Thom Tillis will publicly share an agreement to end a crypto and banking clash over stablecoin yields, but both sides are resisting the proposal, Politico reports.

Bank and crypto lobbyists have both relayed concerns over the latest proposal to end the stalemate on stablecoin yields in the Senate’s crypto market structure bill, legislation that has been in limbo since the House passed the CLARITY Act in July.

Senator Thom Tillis told Politico on Monday that he plans to publicly release a draft agreement this week that aims to end a fight over a provision in the Senate’s crypto policing bill that would ban third parties, such as crypto exchanges, from offering stablecoin yield payments.

The draft had already been seen by banking and crypto representatives earlier this month, with Politico reporting that it drew pushback from the banks, according to three people with knowledge of the matter.

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