‘Let crypto bill die’ – Crypto VC cites stablecoin yields as red line
Some crypto industry leaders are expressing strong opposition to a potential stablecoin yield ban in the upcoming crypto market structure bill. Following reports that lawmakers are receptive to TradFi demands to restrict yields, Galaxy CEO Mike Novogratz criticized Congress for prioritizing bank profits over consumers. Nic Carter of Castle Island Ventures stated that if stablecoin yields are killed, the entire bill should be allowed to die. However, Consensys lawyer Bill Hughes remains optimistic about the bipartisan negotiations.
Key committees are set to mark up their versions of the bill on January 15th, covering SEC and CFTC oversight. The bill requires Democrat support to pass committee votes. Contentious issues include stablecoin yields, DeFi provisions, and ethics standards. If the vote fails, it could sour market sentiment and delay progress until at least 2026 due to upcoming elections and crowded legislative calendars.
ambcrypto01/11 01:02