Overview
- The Senate Banking Committee, which posted the full 309-page draft late Monday, plans to debate and vote Thursday at 10:30 a.m. in Room 538 of the Dirksen Building.
- The text bans passive interest on payment stablecoin balances and allows limited activity-based rewards, a Tillis–Alsobrooks deal that the American Bankers Association is urging senators to tighten.
- The draft excludes conflict-of-interest rules for federal officials’ crypto ventures, and Democrats say their support hinges on adding ethics language.
- The bill keeps BRCA-style protections for non-custodial DeFi developers after a Lummis–Grassley agreement clarified intent standards so prosecutors can still target willful money transmission crimes.
- Even if it advances, the measure must be merged with the Agriculture Committee version and draw roughly 60 votes, and its framework would split SEC and CFTC roles and require 1:1 cash or Treasuries backing for regulated stablecoins.