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New crypto bill looks at stablecoin yield, but passage still unlikely

New crypto bill looks at stablecoin yield, but passage still unlikely

  • Key insight: Republicans’ new text gives state attorneys general enforcement power over bans on federal officials owning crypto interests, but also puts up roadblocks to enforcement and lets federal officials put existing assets into a blind trust. 
  • Forward look: The package can go up for a procedural vote on Tuesday afternoon. 
  • What’s at stake: The text also makes some changes to the stablecoin yield issue, but the changes are unlikely to lead to support from the banking industry and its allies.

WASHINGTON — The Senate could take a procedural vote on crypto market structure as early as Tuesday afternoon, but it’s unclear if the most recent version of the legislation released by Republicans will be enough to win sufficient Democratic…

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