WASHINGTON— A long-stalled U.S. Senate effort to create a broader regulatory framework for the cryptocurrency market may be regaining momentum, with Senate Banking Committee Chairman Tim Scott signaling that lawmakers are moving closer to new draft language on key provisions, Yellow.com reported.
Speaking at the DC Blockchain Summit Tuesday, Scott said a revised proposal—particularly focused on stablecoin-related provisions—could be introduced as soon as this week, suggesting behind-the-scenes negotiations have continued despite months of public delays.
At the center of the talks is the treatment of stablecoin yield, one of the most contentious issues in the debate over how digital-dollar products should be regulated. Yellow.com said Scott indicated lawmakers expect to review an initial proposal imminently, a step that could provide the clearest signal yet on whether the broader market-structure bill is finally moving forward.
Scott also pointed to the involvement of several lawmakers and administration figures helping shape the stablecoin language, including Sens. Angela Alsobrooks and Thom Tillis, as well as White House official Patrick Witt, Yellow.com reported.
The renewed movement is notable for financial institutions, including credit unions, because stablecoin legislation has become a central part of the broader debate over how federally regulated institutions may eventually engage with digital-asset payments, custody and settlement activity. While no final agreement has been announced, Yellow.com said Scott’s remarks suggest Senate negotiators may be nearing a key inflection point after months of stalled talks.