Odaily Planet News: Alex Thorn, head of research at Galaxy, posted on the X platform stating that U.S. Senate Banking Committee Chair Tim Scott has announced the postponement of a hearing on the crypto market structure bill. It is reported that stablecoin yield issues are a key point of contention in negotiations. Banking lobbying groups are actively pushing for restrictions on stablecoin rewards, fearing that interest-bearing stablecoins could draw away bank deposits and destabilize the banking system. A compromise proposal put forward to secure senator support was ultimately deemed unacceptable by the stablecoin industry. Some view the issue as a matter of their survival. Other unresolved issues include restrictions on DeFi and illegal activities, as well as limitations on innovations in tokenized securities.
In addition, Alex Thorn revealed that although Tim Scott has not yet announced a new hearing date, the earliest the Banking Committee could reschedule the confirmation hearing would be the week of January 26 to 30, as the Senate will be in recess next week. Previously, the Senate Agriculture Committee, which oversees matters related to the CFTC, had also postponed its confirmation hearing to January 27.