The US Congress is pushing forward with the Crypto Asset Market Structure Act, which is now about to enter the Senate for review. A major exchange is intensifying lobbying efforts with US lawmakers, with a core demand — to protect their business model of offering rewards to stablecoin holders.

Sources familiar with the matter reveal that if the restrictions set on the reward mechanisms exceed the scope of information disclosure, the exchange's related operations could be severely impacted. In other words, they are betting on the final terms of this bill.

This is not a small issue. As a key infrastructure in the crypto market, stablecoins' liquidity and holder experience directly affect the entire trading ecosystem. Once regulators start to tighten the incentives, not only this exchange but the entire industry’s business models could be adjusted. The key now is how the Senate will weigh innovation against consumer protection.