Overview
- Senators Thom Tillis and Angela Alsobrooks released compromise text Friday that bans passive, deposit‑style yield on stablecoin balances while allowing rewards tied to bona fide platform use.
- Coinbase urged the Senate Banking Committee to move the bill forward and its shares rose about 7.6% Monday after the compromise reduced a key overhang for its business.
- Committee watchers say a markup could be scheduled as soon as the week of May 11, though as of Monday the panel had not posted a session on its public calendar.
- The bill directs Treasury and the CFTC to define what counts as an interest‑equivalent reward and to set disclosure rules, with banks lobbying for strict interpretations to shut down workarounds.
- Platforms will need to shift from “buy‑and‑hold” incentives to “buy‑and‑use” programs, which means customers can still earn perks for trading, staking, payments or governance rather than for simply parking stablecoins.