Overview
- The bill sits on the Senate legislative calendar with no scheduled floor vote after the Senate Banking Committee advanced a substitute on May 14, 2026.
- Negotiators still must reconcile competing Banking and Agriculture committee texts and finalize contested ethics, stablecoin, anti‑money‑laundering and DeFi provisions before a floor debate can proceed.
- Passage requires roughly 60 votes to overcome a filibuster so Republicans’ 53 seats mean multiple Democratic crossovers are needed; two Democrats, Ruben Gallego and Angela Alsobrooks, backed the committee version.
- The White House’s July 4 signing target is now widely seen as unlikely, with some journalists calling the timeline “logistically impossible” while industry backers press for a summer push to avoid the August recess.
- Supporters say statutory jurisdiction between the SEC and CFTC and clearer stablecoin rules could unlock institutional capital and speed tokenization, while banks and regulators warn of yield limits, AML disputes and agency capacity strains.