The bipartisan text of the U.S. cryptocurrency bill has been released, and banks may gain an advantage in the current stablecoin yield competition

According to crypto journalist Eleanor Terrett, after months of tense negotiations among Senate Republicans, Democrats, and industry stakeholders, a bipartisan text of the 278-page crypto market structure bill has been released. Banks may gain an advantage in this round of stablecoin yield disputes.

The latest draft (page 189) stipulates that companies cannot pay interest solely based on users holding a balance. Users can earn rewards, but only if the rewards are associated with activities such as account opening, conducting transactions, staking, providing liquidity, collateralizing assets, or participating in network governance. Senators now have 48 hours to propose amendments to the bill text, so it remains unclear whether these provisions will remain unchanged by Thursday.