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U.S. Senate Banking Committee Market Structure Bill Draft Leaked, DeFi and TradFi Reach a Compromise
Deep Tide TechFlow News, January 13, according to reporter Eleanor Terrett, the incomplete draft of the Senate Banking Committee’s Market Structure Act has begun circulating, with the official version expected to be released within a few hours. The current circulating draft omits a key section on stablecoin yields but includes two moral clauses, relating to felony convictions(Page 72) and insider trading(Page 270).
Notably, an agreement has been reached between DeFi and traditional finance (TradFi) on the issue of protecting software developers in Clause 601. According to industry insiders close to the negotiations, this outcome was reached after tense closed-door meetings last week. Traditional finance participants, especially institutions like the Securities Industry and Financial Markets Association (SIFMA), are mainly concerned that DeFi protocols could be used to circumvent regulations.
Previously, the issue of stablecoin yields was considered the most controversial part of the bill, with multiple parties engaging in intense discussions on this matter.