The U.S. Senate advances stablecoin legislation, banking industry lobbying groups seek profit rule adjustments

【CoinPost】 Currently, bipartisan senators in the U.S. Senate are gradually accepting the demands of the banking lobbying groups, considering adjustments to the rules regarding stablecoin yields in the GENIUS Act. What exactly will be changed? There are two main ideas on the table.

One is a proposal by Senator Alsobrooks—limiting yields to the trading phase. This approach is more favored by the Democratic side. The other idea is more stringent, requiring that only institutions holding a banking license from the U.S. Office of the Comptroller of the Currency (OCC) can offer stablecoin yields. This is somewhat friendly to certain players in the crypto industry but has sparked considerable controversy within the DeFi community.

There has also been a new development in timing. Scott plans to submit a placeholder version of the CLARITY Act to the House tonight to kick off next week’s review process. The deadline for the official text is before midnight on Monday, indicating that the pace is indeed accelerating.

An industry insider who has communicated with Senate staff revealed an interesting detail—the previous statement that “prayer is needed to pass the bill” was actually more of an industry joke and does not reflect a serious outlook on the legislative prospects. On the contrary, everyone generally feels that the final direction will become clearer over the next few days.