Major crypto bill slated for May 14 Senate Banking Committee vote
The crypto industry's top legislative priority, a bill determining oversight of digital assets, is set to advance in the Senate Banking Committee.
TL;DR
- A major rules-of-the-road bill for the crypto industry is set for an initial vote in the Senate Banking Committee on May 14.
- The banking industry opposes the bill, arguing that provisions limiting how stablecoins can earn interest threaten traditional banks.
- A compromise proposal on stablecoin rewards has brought some crypto companies, like Coinbase, on board.
- Banking groups maintain that the current language is insufficient to protect banking deposits.
- Gaining Democratic support for the bill is uncertain due to unresolved differences, and the timeline for legislative action is tight.