Overview
- Senators are reviewing banker-crafted text that would permit only activity-linked perks on stablecoins, with no yield on idle balances.
- The stablecoin return question remains the chief obstacle, as banks warn of deposit flight and crypto firms push for regulated options.
- Senate Banking leaders are considering a committee markup before the end of March to align with a tentative April 3 timeline.
- The White House has pressed for movement, and President Trump publicly accused banks of holding the legislation hostage after meeting Coinbase’s CEO.
- Former CFTC chair Christopher Giancarlo says banks need statutory certainty more than crypto firms and notes regulators could step in with rules if Congress stalls.