Banks Sound Alarm As Senate Pushes High-Stakes Stablecoin Bill That Could Reshape Traditional Deposits
Banks warn the measure could let stablecoins compete with deposits as lawmakers seek federal rules for the crypto market.
- On Thursday, May 14, the Senate Banking Committee will hold an initial vote on a major crypto market structure bill, a move designed to establish long-awaited industry regulations.
- The committee previously canceled a planned vote in January after both banking and crypto industries raised significant concerns about stablecoins potentially disrupting traditional deposit systems.
- Sens. Thom Tillis and Angela Alsobrooks released a compromise proposal on crypto rewards, yet groups representing commercial and community banks argue the language "falls short" of protecting deposits.
- Senate Banking Committee Chairman Tim Scott told Fox Business last week he intends to have "13 of 13 Republicans on board," though Democratic support remains uncertain due to unresolved disputes.
- Crypto companies including Coinbase now support the bill, while industry experts suggest provisions could be modified to gain broader Democratic support before a potential Senate floor vote.
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Chicago Tribune
Cryptocurrency News | Cryptocurrency Prices | Market CapBanks and Crypto Backers Tussle as Senators Eye Landmark Digital Asset Bill
Banking groups are floating last-minute changes to a compromise on stablecoin yield as a key Senate panel begins considering a landmark digital asset bill.
Bankers are scrambling as Senate schedules CLARITY Act markup for May 14 - Invest In Crypto News
Make CryptoSlate preferred on The Senate Banking Committee plans to mark up the CLARITY Act on May 14, giving the stalled crypto-market-structure bill its clearest path this year toward a committee vote. The hearing would move one of Congress’s most closely watched digital-asset bills from private negotiations into a public amendment process, where lawmakers are expected to test whether a fragile compromise on stablecoin incentives can survive p…
Bankers are scrambling as Senate schedules CLARITY Act markup for May 14
The Senate Banking Committee plans to mark up the CLARITY Act on May 14, giving the stalled crypto-market-structure bill its clearest path this year toward a committee vote. The hearing would move one of Congress’s most closely watched digital-asset bills from private negotiations into a public amendment process, where lawmakers are expected to test whether a fragile compromise on stablecoin incentives can survive pressure from banks, crypto fir…
US Senate to review landmark crypto regulation bill next week
The Senate Banking Committee, led by Senator Tim Scott, is scheduled to hold an executive session on May 14 in Washington, D.C. to consider the proposed legislation known as the “Clarity Act,”, News.Az reports, citing Reuters The bill aims to establish a comprehensive regulatory framework for cryptocurrencies, clarifying whether digital tokens should be classified as securities, commodities, or another category. If passed, it could significantly…
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