\u201cWe\u2019re gonna have this thing done come hell or high water by the end of the year.\u201d She added that a Banking GOP markup is likely in the second half of April after the Easter recess. \u201cWe think we\u2019ve got it,\u201d she claimed at the event.\u00a0<\/p>\n
Stablecoin yield has been one of the thorniest issues slowing talks; bank lobbyists have argued that such yield could effectively resemble deposit interest and threaten deposit accounts.\u00a0<\/p>\n
Lummis said negotiators have drafted language to block crypto platforms from marketing or delivering rewards in ways that sound like traditional deposit yield or that scale with the amount of assets a user holds.\u00a0<\/p>\n
\u201cAnything that sounds like banking product terminology will not appear,\u201d she said, noting she had not seen the most recent text but that Coinbase CEO Brian Armstrong had signaled willingness to compromise.<\/p>\n
Senators Fast\u2011Track Crypto Bill\u00a0<\/h2>\n
Lummis also said negotiators believe they have resolved outstanding questions around decentralized finance. \u201cWe think we\u2019ve got the DeFi issue put to bed,\u201d she said, reflecting industry and legislative efforts to clarify how peer\u2011to\u2011peer (P2P) and protocol\u2011level services should be regulated.<\/p>\n
The senator used social media to underscore the political moment, stating <\/a>that there has \u201cnever been a more pro\u2011digital asset administration in United States history than @POTUS,\u201d and urging colleagues to seize what she described as a unique opportunity to finalize crypto market\u2011structure reform.\u00a0<\/p>\n