Overview
- Negotiators circulated new language from banking groups that would allow only narrowly defined, activity-based stablecoin rewards.
- Senate leaders are eyeing an April 3 target to advance the bill, with a possible Banking Committee markup before the end of March.
- President Donald Trump criticized banks for trying to curb consumer rewards, while JPMorgan’s Jamie Dimon signaled openness to limited, non‑deposit‑like perks.
- Former CFTC chair Christopher Giancarlo argued banks need statutory certainty more than crypto firms and warned innovation could shift overseas without it.
- The bill would set agency boundaries, including CFTC oversight of spot markets, and observers say regulators may move independently if Congress stalls.