TechFlow News, March 6: According to cryptocurrency journalist Eleanor Terrett, progress on the U.S. Cryptocurrency Market Structure Act now largely hinges on Senator Thom Tillis’s position. The White House has submitted legislative text to Tillis’s office, and recent meetings between the two sides have been described as “moving in the right direction.” Cody Carbone, CEO of The Digital Chamber, expressed optimism about reaching consensus on the stablecoin yield issue. Even if Democratic lawmakers do not vote in favor, the bill could still pass along party lines in the Senate Banking Committee—but Tillis’s vote remains critical. Industry insiders say the stablecoin yield issue has consumed a significant portion of discussion time, causing other topics—such as decentralized finance—to be sidelined. A senior executive at a cryptocurrency trade association expressed “cautious optimism” regarding the Banking Committee’s potential rescheduling of the bill’s consideration by the end of March.
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