Crypto Firms Push Senate Committee for Swift Action on Market Overhaul Legislation

A group of prominent crypto companies and trade associations has called on the Senate Banking Committee to move forward with a markup of legislation that would overhaul the market structure of the financial system.

Leading the charge are the Crypto Council for Innovation and the Blockchain Association, who have written a joint letter to the committee's chair and members. In the letter, they express their readiness to support the efforts of the committee and emphasize the importance of swift action on the bill.

The request comes as negotiations between the committee and the banking sector continue to stall over restrictions on stablecoin yield. Despite ongoing talks, a final compromise remains elusive, with some members pushing for a markup no sooner than May.