Overview
- Senate negotiators are working toward an April 3 push, with a Banking Committee markup under consideration before the end of March.
- Bank trade groups have circulated their final proposal on stablecoin rewards, and senators Thom Tillis and Angela Alsobrooks are reviewing it.
- The unresolved fight centers on whether passive yield on idle stablecoins is barred while narrowly defined, activity-based rewards are allowed, with banks warning of deposit flight and crypto firms seeking regulated options.
- JPMorgan CEO Jamie Dimon signaled support for limited, activity-linked rewards and said crypto firms operating like banks should face equivalent oversight.
- President Trump is pressing for quick passage, and former CFTC chair Chris Giancarlo says regulators could move to write their own rules if Congress stalls.