Overview
- The White House set a 1 p.m. ET working-level meeting today with banks, crypto firms and trade groups to negotiate rules on stablecoin rewards.
- Banks are pressing for a ban on yield features they say risk deposit flight, with Standard Chartered projecting up to $500 billion could leave U.S. bank accounts by 2028.
- The Senate Banking Committee has postponed its markup of the market-structure bill, while the Senate Agriculture Committee advanced its portion on a 12–11 party-line vote.
- Industry support is fractured, with Coinbase rejecting recent draft language it says would end stablecoin rewards while reporting indicates Tether has backed a version with a yield ban.
- SEC and CFTC leaders have resumed coordinated rulemaking on crypto topics, signaling regulatory movement even as Congress works toward a legislative compromise.