Overview
- The Senate Banking Committee has not set a markup, and a crowded schedule that includes the Kevin Warsh confirmation hearing has pushed the likely window into May.
- Banking groups, including the American Bankers Association, warn yield-bearing stablecoins could pull up to $6.6 trillion from deposits, and state groups are directing members to press Senator Thom Tillis for changes.
- The White House Council of Economic Advisers says a yield ban would raise bank lending by about 0.02 percent and cost consumers roughly $800 million, and a top White House crypto official publicly rebuked the banks.
- Negotiators still wrestle with DeFi developer protections and ethics rules for token trading, and Senator Thom Tillis has floated an in-person session with industry to hash out the remaining issues.
- CoinCentral reports the House has passed the bill and Coinbase now supports it, yet Senate delays are lowering odds for 2026 passage and keeping final stablecoin and market oversight rules on hold.