Overview
- Senate Banking Committee leaders canceled the planned markup with no new date set, with Chair Tim Scott saying talks with industry, regulators, and both parties would continue.
- The 278‑page draft would split oversight between the SEC and CFTC, clarify which tokens are securities or commodities, and bar interest for simply holding payment stablecoins while permitting activity‑based rewards.
- Coinbase withdrew support, with CEO Brian Armstrong warning the bill is worse than the status quo and citing concerns about tokenized equities, DeFi privacy, weaker CFTC authority, and potential bans on stablecoin rewards.
- Banking groups pressed for a broader prohibition on yield programs, filing petitions and seeking amendments, while senators including Thom Tillis and Angela Alsobrooks worked on language to tighten reward rules.
- Critics flagged expanded enforcement powers such as special measures and short pre‑court transaction freezes, raised alarms over developer and DeFi exposure, and noted that ethics provisions tied to political crypto interests remain unsettled.