One of the lawmakers working on the Senate Banking Committee’s next iteration of crypto legislation doesn’t want to revisit a provision in earlier legislation prohibiting stablecoin issuers from offering interest because she’s got her hands full advancing the latest bill.
Sen. Cynthia Lummis, R-Wyo., is resisting efforts from some Republicans and Democrats to change the interest language that the banking industry says creates a loophole for cryptocurrency exchanges to offer rewards, effectively enabling them to pay interest. The stablecoin bill was enacted into law in July.
“I’m of the opinion that we should leave the stablecoin bill alone,” Lummis, who chairs the Senate Banking Subcommittee on Digital Assets, told reporters last week. “We’ve got enough problems with market structure.”
