Editor's PiCK
Draft U.S. Senate crypto regulation bill leaked…includes direction for DeFi oversight; stablecoin yield provisions left blank
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Summary
- The Senate Banking Committee has prepared a draft crypto-asset market structure bill, but stablecoin yield and compensation structures were left blank with a “to be supplied” note.
- The draft includes a separate oversight provision for DeFi and the concept of an ancillary asset, indicating the Senate has begun seriously considering DeFi as a target for limited protections and oversight.
- The DeFi oversight provision does not provide developer protections as strong as the Blockchain Regulatory Certainty Act (BRCA), and a Senate–House reconciliation process may be required.
A partial draft of a crypto-asset regulation bill under discussion in the U.S. Senate has been circulated, revealing the broad direction for regulating decentralized finance (DeFi) while leaving key issues—such as stablecoin yield and reward structures—still blank.
On the 13th (local time), CoinDesk reported it had obtained an unfinished draft prepared ahead of the Senate Banking Committee’s markup of a crypto-asset market structure bill scheduled for Thursday this week. The document may be revised through midnight that day and is said not to be a final version.
The Senate Banking Committee plans to hold clause-by-clause debate and consider amendments to the 272-page bill on Thursday. Lawmakers can submit amendments until Tuesday evening. Meanwhile, the Senate Agriculture Committee, at the direction of Chairman Sen. John Boozman, has postponed a similar markup vote until later this month. Both committees must pass their respective bills before the legislation can move to the full Senate for consideration.
On stablecoin yield and compensation structures—seen as the most sensitive issues—the draft contains only the note “to be supplied.” The draft also appears not to include provisions addressing ethical concerns raised by Democratic lawmakers last year, particularly potential conflicts of interest tied to President Donald Trump and his family’s crypto businesses.
The document, however, newly adds a separate oversight section for DeFi alongside provisions covering the securities regulatory framework, illicit finance, bank regulation, and “responsible regulatory innovation.” This is new language, and the industry is interpreting it as a sign the Senate has begun seriously considering DeFi as a standalone regulatory category. Still, the provision is assessed as not offering developer protections as strong as those in the Blockchain Regulatory Certainty Act (BRCA) introduced by Sens. Cynthia Lummis and Ron Wyden.
The draft also includes the concept of an “ancillary asset,” which the House bill does not use—suggesting the House may either accept the Senate version as is or the two chambers may need to go through a reconciliation process. Industry participants say that while the document is not final, it is significant in that it indicates the Senate is leaning toward pairing limited protections with oversight for DeFi rather than excluding it outright.
