关键加密法案延后审议，行业乐观预期面临考验

Core Viewpoint - The anticipated cryptocurrency market structure bill in the U.S. has been delayed due to intense debates over the treatment of stablecoins, shifting the sentiment from optimism to anxiety within the crypto industry [1]. Group 1: Legislative Developments - The U.S. Senate Banking Committee postponed discussions on the cryptocurrency market structure bill after Coinbase withdrew its support for the latest version [1]. - The committee's chairman, Tim Scott, stated that the delay is due to ongoing bipartisan negotiations, without providing a new date for the discussion [1]. Group 2: Industry Reactions - Coinbase and other digital asset companies strongly oppose provisions that would limit their ability to offer yields or rewards on stablecoin holdings [1]. - Coinbase argues that their practice of providing interest on user-held USD stablecoins (USDC) is merely a "marketing reward" rather than "deposit interest," which banks fear could lead to high-interest deposit gathering without regulatory constraints [1]. Group 3: Implications for the Crypto Market - The latest proposal suggests banning cryptocurrency exchanges from offering rewards related to stablecoin holdings, although some types of rewards may still be permitted [2]. - The ambiguity in the wording regarding what types of rewards are allowed could lead to reinterpretation and disadvantage U.S.-regulated crypto companies compared to their overseas counterparts [2]. - Stablecoins have become a crucial pillar in the cryptocurrency sector, with their usage surging since the U.S. passed relevant regulatory legislation last July [2]. Group 4: Concerns Over Regulatory Clarity - The delay in the bill's discussion raises concerns that the U.S. may become one of the few major digital asset centers without clear capital market rules by 2026 [2]. - Industry leaders worry that the stalemate over stablecoin regulations could hinder the U.S. regulatory framework from keeping pace with other markets [2].