Overview
- White House crypto adviser Patrick Witt said Monday the bipartisan deal on stablecoin yield looks durable, allowing talks to close out remaining issues.
- Sen. Thom Tillis, working with Sen. Angela Alsobrooks, said he expects to publish compromise text this week, a step needed before a late‑April Senate Banking Committee markup that has not been scheduled.
- The draft would ban passive, interest‑like payouts on custodial stablecoin balances while allowing activity‑based rewards tied to payments or platform use.
- The White House Council of Economic Advisers found a ban would raise bank lending by about $2.1 billion and cost consumers roughly $800 million in returns, while the American Bankers Association on Monday warned this overlooks deposit‑flight risks for community banks and cited scenarios as high as $6.6 trillion.
- Beyond yield, the bill would split crypto oversight between the SEC and CFTC and shield non‑custodial DeFi developers, which could give builders clearer rules even as exchanges rethink rewards programs like those that share stablecoin reserve income.