Crypto, Bank Executives Head To Capitol Hill To Review Stablecoin Deal Details This Week: Report

Cryptocurrency stakeholders and bank executives are reportedly scheduled to meet the Senate Banking Committee on Monday and Tuesday to discuss the new stablecoin deal. 

According to a Crypto in America report, representatives from the cryptocurrency industry will be meeting with the committee on Monday, and banking representatives will review the deal on Tuesday.

The news comes after Politico reported on Friday that Senator Thom Tillis (R-NC), Senator Angela Alsobrooks (D-MD), and White House officials had drafted a tentative agreement that could put the debate over stablecoin rewards to rest.

The market structure bill, which complements the Senate Agricultural Committee’s half of the CLARITY Act, has been stuck in a stalemate since January, with banks and cryptocurrency firms disagreeing over how stablecoin rewards should be treated. 

While advocates from the cryptocurrency side said that stablecoins help drive adoption, banks warned that offering rewards on stablecoin holdings could result in deposit flight from traditional savings accounts.

Coinbase (COIN) CEO Brian Armstrong has been the most vocal advocate for allowing stablecoin rewards to continue. The company currently has a 50-50 revenue share agreement with Circle (CRCL) for interest income earned on USDC (USDC) holdings. 

COIN’s stock rose 1.5% at market open amid broader strength in the equity and cryptocurrency markets. Bitcoin (BTC) climbed back above $70,000 following President Donald Trump’s comments of “productive” talks with Iran over the weekend, which eased oil prices. Retail sentiment around Coinbase on Stocktwits remained in ‘bearish’ territory over the past day, while chatter fell to ‘normal’ from ‘high’ levels.

However, CRCL’s stock edged 0.5% lower at market open. Retail sentiment around the stablecoin issuer remained in ‘bullish’ territory over the past day, while sentiment around USDC improved to ‘neutral’ from the ‘bearish’ zone over the past day.

Get updates to this developing story directly on Stocktwits.

Read also: Bitcoin Price Shoots Above $70,000 After Trump Says US-Iran Held ‘Productive’ Talks

For updates and corrections, email newsroom[at]stocktwits[dot]com.