Crypto decries stablecoin change in Senate market structure bill – DL News
- The latest version of a Senate market structure bill bans passive yield on stablecoin holdings.
- But it protects certain software developers from prosecution under money transmission laws.
- A version under negotiation in the Senate’s Agriculture Committee will be filed before the end of the month.
Stablecoin issuers will be forbidden from paying passive yield under the latest version of a landmark crypto bill filed by US Senators on Monday night, marking a major victory for banks that had warned the tokens could undermine their ability to lend to businesses and homebuyers.
But it includes significant protections for software developers such as Tornado Cash co-founder Roman Storm, who was found guilty of operating an unlicensed…
