The upcoming release of a revised cryptocurrency bill is expected to address several key concerns that were highlighted in the previous version. Notably, the new draft includes a stablecoin yield compromise negotiated by Senators Thom Tillis and Al Sobrooks, addressing a major issue raised by Coinbase CEO Brian Armstrong, who had withdrawn support for the original markup.
Additionally, the contentious language in Section 505, referred to as the "tokenization section," has been revised to avoid what Armstrong described as a "de facto ban on tokenized equities." This change has garnered support from major exchanges. Furthermore, a compromise on Section 1960 aims to protect software developers from being classified as money transmitters while maintaining law enforcement's ability to target illicit activities.
However, the bill's stance on ethics and conflicts of interest remains uncertain, as the January version contained minimal references to these issues. Some committee Democrats have expressed reluctance to support the bill without stronger ethics provisions, leaving the possibility of further amendments open.
Revised Crypto Bill Addresses Key Concerns, Awaits Release
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