Recently, U.S. regulators have been quite active in the crypto market. The Senate Banking Committee released a 278-page draft of the Market Structure Act, mainly aiming to clarify the powers of the SEC and CFTC, so that different types of assets can be properly categorized.

The most controversial part is about stablecoin yields. The draft plans to prohibit paying interest solely because users hold payment stablecoins, but trading rewards and staking incentives are allowed. Industry rumors suggest that even stricter amendments may follow.

Legislative momentum is accelerating. This Thursday (January 15), the Senate Banking Committee will hold a hearing to discuss their version of the bill, and the Agriculture Committee has scheduled a similar meeting on January 27. Both committees are pushing forward separately, and the process is moving into revision and voting stages.

There have also been many real-world actions. Major asset managers like Franklin Templeton have recently upgraded two of their money market funds to be directly usable in blockchain and regulated stablecoin markets. This indicates that traditional finance still has interest in this area.

Additionally, there are reports that Pakistan has reached an agreement with World Liberty Financial, a company under the Trump family, to explore using stablecoins for cross-border payments. If this cooperation advances, it could have significant implications for financial reform in developing countries.

However, JPMorgan Chase’s CFO also spoke out, suggesting that offering stablecoin yields to users is essentially building a "regulation-free parallel banking system." The risk points are indeed worth noting—after all, financial security is not something to take lightly.