Proposal is from Tillis (R-N.C.) and Alsobrooks(D-Md) who structured the previous proposal.

Supposed to be reviewed today and tomorrow by both crypto and banking reps.

If they can get over this hurdle, then the odds that something is passed by May (before Congressional midterms push) look better.

https://x.com/Jasper_Goodman/status/2039681382922748023

Also,

According to an internal stakeholder email shared with me, the proposal would prohibit platforms from offering yield “directly or indirectly” for holding a stablecoin or in a manner that resembles a bank deposit. The restriction would apply broadly to digital asset service providers (exchanges, brokers, etc.) and their affiliates to limit workarounds, and would bar anything “economically or functionally equivalent” to interest.

The proposal would also permit activity-based rewards tied to user activity, including loyalty, promotional, or subscription programs, provided they are not deemed economically or functionally equivalent to interest. https://x.com/EleanorTerrett/status/2036279124382077137

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