Overview
- The industry letter, sent Thursday, asked the Senate Banking Committee to notice and hold a markup now and warned that delay will send jobs and capital overseas.
- Bank lobbying over stablecoin rewards pushed a planned late‑April markup into May, with draft language barring passive, deposit‑like yield but allowing activity‑based rewards tied to use.
- Senator Bernie Moreno set an end‑of‑May deadline, and the bill still must clear a committee vote, win 60 votes on the Senate floor, be reconciled with Agriculture and House texts, and reach the president’s desk.
- Prediction markets now price 2026 passage below 50%, with Polymarket around the high 30s and Galaxy Research calling the odds roughly even as floor time tightens.
- Treasury Secretary Scott Bessent urged passage, and the White House economic team countered bank warnings by estimating a yield ban would add about $2.1 billion to lending and cost consumers roughly $800 million.