Overview
- The Senate Agriculture Committee approved its market-structure draft 12–11 on party lines, moving the legislation to the full chamber for further work.
- The toughest hurdle now lies in the Senate Banking Committee, where disputes over whether issuers or third parties can offer yield on stablecoins derailed a planned markup.
- The White House’s crypto policy council will gather banking and crypto executives on Monday, Feb. 2, to seek a path forward on the stablecoin rewards provision.
- Banks warn that yield-bearing stablecoins could siphon deposits from insured lenders, with one analysis projecting up to $500 billion in outflows by 2028, while crypto firms argue rewards are key to consumer adoption.
- Winning final passage will require additional Democratic support, and market regulators are preparing closer SEC–CFTC coordination through a planned memorandum of understanding.