The Big Crypto Bill Isn't Dead, May Return Next Month as Wall Street Fight Still Looms

Source: CryptoNewsNet Original Title: The big crypto bill isn’t dead, may return next month as Wall Street fight still looms Original Link: After the U.S. Senate takes next week off and returns to hash out the federal budget that expires on January 30, the odds may favor February as the next window for action on the crypto market structure bill in the Senate Banking Committee.

But no matter when it returns to the agenda, the crypto industry must still overcome the traditional finance lobbyists if it wants to secure significant changes and get a bill done that digital assets businesses will find acceptable.

Despite a certain leading exchange’s high-visibility decision to abandon the bill on Wednesday, virtually everybody, including the exchange in question, has said they’re ready to get back to the table to work things out. Though crypto firms may be frustrated about the body slam that Wall Street’s lobbyists (on behalf of banks and the securities industry) inflicted in recent weeks, complaints won’t overcome the policy resistance they face. The differences between the crypto side and the traditional finance side are significant in several sections of the bill, especially after the bankers secured restrictions on how stablecoin yield rewards can be paid out.

The exchange has repeatedly held up the stablecoin yield question as its top issue, and hesitant lawmakers from both parties haven’t yet been convinced about the compromise that was central to the committee’s draft bill this week. The bankers’ argument that stablecoin yield constitutes a threat to the banking system’s reliance on deposits made headway with some lawmakers who value relationships with the community banks on their Main Streets, even if the Democrats historically distrust Wall Street.