The US Senate's newly released draft on crypto market structure is creating ripples in the industry. The proposal takes a hard line on stablecoin interest payments—essentially barring platforms from offering yield to stablecoin holders, a position that aligns closely with traditional banking interests.

However, the devil's in the details. While the legislation appears restrictive on the surface, significant loopholes remain. The framework doesn't prohibit interest payouts tied to other activities—think liquidity provision, lending protocols, or yield farming mechanisms. These carve-outs suggest stablecoin holders may still access returns through different channels, even if direct yield programs face restrictions.

The policy's real impact hinges on how regulators and platforms interpret these exceptions. For the crypto ecosystem, it's a reminder that blanket regulations often come with grey areas worth monitoring closely.