Senate Banking Committee set to vote on landmark crypto bill May 14. The legislation, which would establish regulatory rules for the cryptocurrency industry, faces expected party-line voting but lawmakers indicate amendments are possible before a potential floor vote. The banking industry opposes the measure, arguing that proposed restrictions on stablecoin interest payments remain too similar to traditional savings accounts and could threaten deposit bases. However, crypto companies including Coinbase have endorsed a compromise proposal from Senators Tillis and Alsobrooks that would allow stablecoin rewards without directly competing with bank deposit yields. Democratic support remains uncertain due to unresolved provisions regarding politicians' digital asset profits.
