A bipartisan group of Senators has unveiled a significantly revised draft of the comprehensive Digital Asset Market Structure Bill, aimed at standardizing regulations across the crypto sector. The update introduces several key changes, chief among them being stringent limitations on the offering of rewards or yield on stablecoin holdings that are not actively invested or utilized.
The provision targets stablecoin issuers and digital asset platforms that currently offer interest or staking rewards merely for holding stablecoins in an account. Proponents of the change argue that these high-yield products mimic traditional bank deposits and introduce systemic risk, especially since they operate without the regulatory safeguards, such as FDIC insurance, afforded to chartered banks. The goal is to clearly delineate between regulated deposit-taking activities and general stablecoin usage.
Under the revised language, platforms would face strict constraints on incentivizing users to maintain ‘idle’ balances, intending to prevent the growth of unregulated shadow banking activities. The move has drawn immediate criticism from the crypto industry, which views yield products as essential drivers of user adoption and a key mechanism for competing with traditional finance products. The bill is now scheduled for intense markup sessions in the relevant Senate committees.
Source: Senate unveils updated market structure bill limiting stablecoin rewards on idle holdings
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