Overview
- JPMorgan reports the legislation is close to completion with only two or three disputes still open, signaling a late-stage push to finish the bill.
- Negotiators are coalescing around a stablecoin plan that blocks passive interest-like payouts yet permits rewards tied to spending or platform use.
- Remaining questions focus on how to oversee decentralized finance and how to classify tokens under existing financial law.
- The final text has not been released and no vote is scheduled, which leaves the timeline exposed to delays tied to the 2026 election cycle.
- If enacted, the law would assign clearer roles to the SEC and CFTC and could draw more institutional money into crypto, even as banks warn yield features could resemble deposits and a White House review says a yield ban would trim consumer returns.