Negotiations on the US crypto market structure bill have stalled, with DeFi regulation and stablecoin yields becoming the main points of contention.

According to Mars Finance, Senator Tim Scott, Chairman of the Senate Banking Committee, previously stated that a hearing on the Crypto Market Structure Act would be held on January 15th. However, negotiation documents show that four areas remain unresolved, with key points of contention including: 1. DeFi: The Act calls for the same level of oversight of DeFi as federally regulated financial companies, but its fundamental definition and issues remain unresolved. 2. Stablecoin Yields: The GENIUS Act stipulates that stablecoin issuers cannot offer interest, but their affiliated companies can offer yields and customer reward programs. The banking industry believes this could threaten its core deposit business, and some Democrats want to restrict crypto yields. 3. Ethics: The Act requires prohibiting senior U.S. government officials from obtaining personal benefits from crypto activities. 4. CFTC: The Commodity Futures Trading Commission (CFTC) will play a leading role in cryptocurrency regulation, but the bipartisan representation within the CFTC needs to be carefully considered.