TLDR Tech / Crypto
Tillis to Release Stablecoin Yield Draft This Week
Senator Thom Tillis (R-NC) is set to release revised legislative text on stablecoin yield, the product of months of negotiation with Senator Angela Alsobrooks (D-MD) and backed by the White House. Passive yield earned simply for holding a stablecoin is banned, while activity-based rewards tied to payments, transfers, or platform use remain permitted. Coinbase reviewed an earlier draft and could not support the current formulation, citing concerns over balance and transaction amount limits, a notable sticking point given Armstrong's recent public backing of the CLARITY Act. Three issues remain unresolved heading into the Senate Banking Committee markup: DeFi provisions, ethics language barring officials from personally profiting from crypto, and whether community bank deregulatory provisions will be bundled into the bill.
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