Chairman Tim Scott, RS.C., listens to testimony from Kevin Warsh in the Dirksen Building on Tuesday, April 21, 2026.
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An important draft law on road traffic regulations Crypto The industry is expected to receive a first vote on May 14th senate Banking Committee.
The move to move forward with the legislation is a loss for the banking industry. Banks have argued that the proposed legislative language Limiting when stablecoins can earn interest is still too similar to high-yield products like a savings account and could put traditional banks and their deposits at risk. Historically, interest in rewards has been a key incentive for users to hold stablecoins.
Scott told Fox Business last week that he wanted “13 of 13 Republicans on board” — referring to all Republican members on the committee.
It’s not clear whether any Democrats will vote for the bill because there are still disagreements that have yet to be resolved, including provisions that would limit the process politician can benefit from digital assets.
Several senators and industry experts have suggested this Invoice can be changed to win Democratically Support between the committee vote and a possible vote in the Senate. But lawmakers are running out of time to resolve differences in that chamber, and it’s unclear whether the House will want to make its own changes.
The committee was supposed to present the bill in January, but it was canceled at the 11th moment after both the banking and crypto industries expressed concerns about the legislation.
Crypto companies including Coinbase are now on board after Sens. Thom TillisRN.C., and Angela AlsobrooksD-Md., released a compromise proposal on how crypto companies could offer stablecoin users rewards that wouldn’t compete with the returns banks offer for deposits. Stabecoin is a digital currency designed to ensure constant value by being pegged to a reserve currency, usually the US dollar.
Still, groups representing both commercial and community banks say the language is “insufficient” to protect bank deposits.
Tillis cleared the air in a post
