🗣️Senate crypto bill faces industry pushback
A bipartisan U.S. Senate crypto market-structure bill aimed at regulating digital assets has encountered significant pushback from the cryptocurrency industry ahead of a key committee markup. Major firms such as Coinbase have publicly warned they cannot support the bill in its current form, mainly due to provisions that would limit or effectively ban stablecoin “yield” or rewards paid to users just for holding tokens — a key revenue and customer-attraction tool for exchanges. The proposal has also drawn numerous amendments from senators and criticism that it could weaken innovation or not sufficiently protect the crypto sector’s interests. This industry resistance has raised doubts about the bill’s prospects and contributed to delays in committee consideration. $BTC
