A payment stablecoin bill advanced out of committee this week with two provisions issuers lobbied against intact: daily reserve composition reporting, and a prohibition on passing interest earned on reserves through to token holders.
The reporting requirement is the operationally expensive one. Most large issuers publish monthly attestations; daily composition data would require automated reporting infrastructure that several told the committee does not yet exist at the required granularity.
The yield prohibition is the strategically important one. It preserves the boundary between a payment instrument and a deposit substitute, which bank trade groups have argued for since the first draft.
Two amendments extending the compliance runway from twelve to twenty-four months were withdrawn before the vote and are expected to return on the floor.
Nothing is law yet. A committee vote is a milestone, not an outcome, and the companion chamber has not scheduled its own markup.
We will update this story with the reported text once it is published in full.
