#美国贸易赤字状况 The U.S. Senate Banking Committee recently released a draft of the Crypto Market Structure Act, a bipartisan proposal led by Tim Scott. The core provisions are as follows: banning idle funds from earning yields in stablecoins, but allowing incentives earned through trading or providing liquidity.

It seems to be seeking a balance between traditional finance and the crypto world, but the issue is—regulatory thinking is still using old frameworks. The ban on idle yield directly threatens the product logic of lending protocols, such as DeFi models that can earn yields without requiring active user operation. These highly composable and automated mechanisms will be impacted.

On the positive side, the bill explicitly states that developers are not responsible for intermediaries, which is a significant boon for innovation. The regulatory framework is beginning to distinguish between "code" and "behavior," and this approach is generally constructive. The key focus will be on the markup meeting on January 16. If it passes smoothly, it could become the most critical regulatory turning point in the crypto space this year.