A bipartisan text of the US crypto bill has been released: banks may gain the upper hand in the current debate over stablecoin yields.

After months of intense negotiations between Senate Republicans, Democrats, and industry figures, a bipartisan text of the 278-page crypto market structure bill has been released. Banks may gain the upper hand in this round of the stablecoin yield debate. The latest draft (page 189) stipulates that companies cannot pay interest solely on user-held balances. Users can earn rewards, but only if the rewards are linked to activities such as opening an account, trading, staking, providing liquidity, collateralizing assets, or participating in network governance. Senators now have 48 hours to submit amendments to the bill text, so it is unclear whether these provisions will remain unchanged by Thursday.