The updated market structure proposal was published by the ABD Senatosu Banking Committee, outlining how federal agencies will oversee the crypto sector. The comprehensive text highlights long-awaited compromises on stablecoin incentives, decentralized finance and developer responsibilities.
Under the draft, interest or yield payments tied solely to holding payment-focused stablecoins are prohibited, while transaction-based incentives remain permitted. This framework is widely seen as a middle ground between traditional financial institutions and the digital asset industry, and it relies on existing definitions for digital asset service providers.
Another major development concerns asset classification. Six large crypto assets with ETFs listed on US national exchanges are defined as network tokens and are expected to share the same non-security status as the market’s two largest assets. This shift is viewed as a potential turning point for regulatory clarity in the US.
The legislative timeline has also shifted. Senate Agriculture Committee Chair John Boozman announced that the committee vote has been postponed to the final week of January to secure bipartisan support. If both committees approve their versions, the bill will move to the full Senate for consideration, marking a decisive step for the future of US crypto regulation.
