Overview
- JPMorgan and Senate staff say negotiators have cut unresolved items on the crypto bill to roughly two or three issues, capping months of talks over market rules.
- The latest working draft still bans passive yield on stablecoin balances and allows activity‑linked rewards tied to things like transactions or loyalty programs, though the text was not released this week.
- The Senate Banking Committee has not scheduled a markup, with reporting pointing to a late‑April or mid‑May window that could slip as election‑year pressures build.
- The SEC held a public roundtable on digital asset market structure on Thursday, signaling regulator engagement as Congress moves toward a final framework.
- The bill would split oversight between the SEC and CFTC and set rules for stablecoins and DeFi, a shift banks warn could pull deposits if yield is too generous, even as a White House analysis found limited banking impact from stricter limits.