Galaxy research director says stablecoin earnings issue is key to US crypto bill negotiations, next hearing may be held at the end of January

Galaxy Research Director Alex Thorn stated in an article on X platform that Tim Scott, Chairman of the US Senate Banking Committee, has postponed the hearing on the Crypto Market Structure Act, and the issue of stablecoin returns has become one of the core controversies in the negotiations. Bank lobbying groups are concerned that interest bearing stablecoins may divert bank deposits and affect the stability of the banking system, and are pushing for proposals to limit stablecoin rewards. However, the related compromise plan is considered difficult to accept by the stablecoin industry. Other unresolved issues include restrictions on DeFi and illegal activities, as well as regulation of tokenized securities innovation. Alex Thorn stated that due to the Senate recess next week, the Banking Committee may reopen its hearing as early as the week of January 26-30, and the Senate Agriculture Committee responsible for CFTC affairs has also postponed its revision hearing to January 27th.