TechFlow news, January 17 — Alex Thorn, Head of Research at Galaxy Digital, analyzed on social media the reasons behind the U.S. Senate Banking Committee's postponement of the markup session for the crypto market structure bill. According to Thorn, while there is broad consensus among stakeholders on core market structure issues, there remain "narrow but deep" disagreements on key topics such as stablecoin yields.
Thorn noted that banking lobbying groups are actively pushing to restrict stablecoin yields, concerned that interest-bearing stablecoins could divert bank deposits. The draft discussion version of the bill had proposed a compromise allowing "activity-based rewards," but Democrats and some Republicans insisted on stricter limitations, ultimately making the proposal unacceptable to the stablecoin industry.
Other unresolved issues include provisions related to DeFi and illicit activities, as well as clauses limiting the SEC’s ability to promote innovation in tokenized securities. Although the delayed meeting provides additional time for reconsideration, Thorn emphasized the urgency, stating that enacting market structure into federal law is critical for the industry's long-term development.
