Negotiations on the U.S. cryptocurrency market structure bill have stalled, with DeFi regulation and stablecoin yields being the main points of contention

The chairman of the U.S. Senate Banking Committee, Tim Scott, previously stated that a hearing on the cryptocurrency market structure bill will be held on January 15. However, negotiation documents show that there are still four areas of disagreement. The main points of contention include:

1. DeFi: There is a demand for decentralized finance (DeFi) to be supervised similarly to the U.S. Federal Regulatory Financial Corporation, but its basic definitions and issues remain unresolved.
2. Stablecoin Yields: The GENIUS Act stipulates that stablecoin issuers cannot offer interest, but their affiliated companies can provide yields and customer reward programs. The banking sector believes this could threaten their core deposit business, while some Democrats want to limit crypto yields.
3. Ethical Standards: There is a call to prohibit senior U.S. government officials from deriving personal benefits from cryptocurrency activities.
4. CFTC: The U.S. Commodity Futures Trading Commission (CFTC) will play a leading role in cryptocurrency regulation, but the allocation of seats between the two parties in the CFTC needs to be balanced.