The Senate Banking Committee will vote next Thursday, Jan. 15, on a market structure bill to establish a regulatory framework for cryptocurrencies, committee Chairman Tim Scott (R-S.C.) told Breitbart News.
Congress last year passed the Genius Act, which established a regulatory framework for payment stablecoins. The market structure bill would do the same for a broad range of digital assets.
Scott told the news outlet that it is important to get committee members on record by voting on the bill. “We have worked tirelessly for the last six plus months making sure that we had multiple drafts available to every member of the committee,” he said.
The American Bankers Association has been urging senators to use the market structure legislation to close a loophole that could allow crypto firms to bypass the Genius Act’s prohibition on paying interest or yield on payment stablecoins. On Monday, ABA’s Community Bankers Council sent a letter to senators with a state-by-state chart showing the potential deposit outflows to payment stablecoins if the loophole isn’t closed, and the resulting lost lending to households and businesses.
