According to @Matt_Hougan, US lawmakers are negotiating a crypto market-structure bill, with Democrats indicating they have accepted significant portions of @BankingGOP’s RFIA text while rejecting parts of the GOP’s December 4 offer (source: Matt Hougan on X, Dec 11, 2025). Citing a three-page Democratic counteroffer, journalist Eleanor Terrett reports the asks focus on token classification, illicit finance, ethics, and the GENIUS Act’s stablecoin-yield restrictions (source: Eleanor Terrett on X, Dec 11, 2025). @Matt_Hougan highlights that some policymakers justify yield limits as protecting banks, which would prevent ordinary users from earning interest via stablecoin products (source: Matt Hougan on X, Dec 11, 2025). These negotiation points are directly trading-relevant because they target yield-bearing stablecoin products and token-classification standards that shape exchange compliance and market structure in the US (source: Eleanor Terrett on X, Dec 11, 2025).