Overview
- Draft text released Friday bars deposit‑style interest on stablecoin balances yet permits rewards tied to real use, a compromise negotiators unveiled as Coinbase said the change preserves usable customer rewards.
- Sen. Thom Tillis said he will ask the Banking Committee to schedule a markup when the Senate returns the week of May 11, framing a mid‑May vote as the needed forcing step.
- Committee Chair Tim Scott wants all 13 Republicans on board before a markup, and Sen. John Kennedy is still withholding support, complicating the push for party unity.
- Key disputes still on the table include ethics rules touching on officials’ crypto ties and legal protections for DeFi software developers that some senators say should first go through the Judiciary Committee.
- Backers warn the panel faces a narrow window before the May 21 recess, and several industry and Senate voices say missing that date could push comprehensive action on crypto rules to the next political cycle.