DeutschMonths of standstill, heated debates, hardened positions – and now suddenly movement. In the US, a crucial knot in the crypto dispute may have been untied. The trigger is an agreement on so-called stablecoin yields, which had been considered the biggest obstacle to comprehensive crypto legislation.
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As stated in an announcement from crypto exchange Coinbase and reported by Reuters among others, a “groundbreaking agreement” was reached on Friday (May 1) that could resolve the political deadlock in the US Senate. At the center is a question that sounds more technical than it is: Can platforms pay rewards to their users when they hold stablecoins?
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That’s exactly what sparked the conflict. Banks strongly opposed such models. Their concern: Capital could flow out of traditional accounts toward digital alternatives with potentially higher yields. The result would be pressure on the traditional deposit business – a sensitive nerve in the financial system. The stablecoin agreement now reached attempts to defuse this conflict. Banks receive stricter rules for such yield models, while crypto platforms generally retain the option to offer corresponding incentives. A classic political compromise – no one wins completely, no one loses entirely.
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Coinbase policy chief Faryar Shirzad puts it this way: The agreement secures the right of stablecoin users to receive “rewards based on actual platform and network usage.” A formulation that deliberately remains open, but signals: The principle is not being abandoned. The significance of this agreement extends far beyond individual yield models. It paves the way for comprehensive legislation on digital asset market structure that has been stuck in the US Congress for months. Observers expect the draft could now move to a crucial vote in the Senate Banking Committee.
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At its core, it’s about nothing less than the rules of the game for the crypto industry in the US. Who is responsible? Who controls what? And above all: Which authority has the final say? The proposed law aims to more clearly define the responsibilities between the SEC and the CFTC – a point that has so far caused uncertainty and legal disputes. For the market, this would be a significant signal. Clear rules are considered a prerequisite for further institutional involvement. Without them, the sector remains a terrain with legal gray areas for many large investors.
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The current compromise shows how closely politics, the financial system, and the crypto industry are now intertwined. What was once considered a counterproposal to the traditional banking system is now being integrated step by step into its regulation. Whether the stablecoin agreement actually brings the breakthrough remains to be seen. But the momentum has noticeably changed. From blockade to movement – and from a technical detail could emerge a political turning point. (mck)
