The Senate Banking Committee announced on Friday that it will hold a markup on May 14 to advance comprehensive federal crypto legislation, marking the committee’s second attempt to move the bill forward after a January cancellation. According to the article, the January markup was cancelled after major crypto exchange Coinbase withdrew its support due to concerns including the treatment of stablecoin rewards.
Previous Setback and Current Progress
The January cancellation represented a significant delay in the legislative process. However, according to the source, the stablecoin rewards issue has been seemingly resolved after two key senators released language last week, though bank trade groups have argued that it “falls short.”
Legislative Process Ahead
Before the bill can be passed, several steps must occur. The Senate Banking Committee must advance its version, and then reconcile that with the version the Senate Agriculture Committee advanced earlier in the year. According to the source, the Senate Agriculture Committee’s bill moved forward without any Democratic support in the agriculture panel, citing President Donald Trump’s crypto interests as a major obstacle.
Political Context and Trump’s Crypto Involvement
The source notes that both Trump and his wife, Melania Trump, launched memecoins ahead of the inauguration, and his family has led the DeFi and stablecoin project World Liberty Financial, which raised $1.4 billion, according to Bloomberg reporting in January.
At the time of the Senate Agriculture Committee markup, Democrats proposed amendments that would block the president, vice president, lawmakers, and other federal officials from making certain financial transactions involving digital assets. However, according to the source, these amendments were ultimately not included in the bill.
Ethics and Consumer Protection Requirements
On Wednesday, Democratic Sen. Kirsten Gillibrand, one of the bill’s most prominent negotiators, warned that there would be no deal without an ethics provision in place. The source also notes that Gillibrand highlighted a push for consumer protection language in the bill, including provisions around illicit finance and anti-terrorism funding.
Path to Final Passage
After being reconciled between the two Senate committees, the full Senate will vote on the bill, where conflicts of interest concerns are expected to be raised. If a bill passes out of the Senate with 60 votes, it heads to the House for the next steps. According to the source, the House passed its version last year with bipartisan support. The final step would be the bill being sent to Trump’s desk for his signature.
According to the source, lawmakers also face a time crunch as the number of dates to vote dwindles and upcoming midterm elections come front and center.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
USDT0 Announces 3/3 Validation Mechanism and $6M Bug Bounty Program Following Kelp Incident
According to Foresight News, USDT0, Tether's asset interoperability protocol, announced security architecture details following the Kelp incident. The protocol employs a proprietary Decentralized Verifier Network (DVN) with message veto rights and requires three independent validators based on
GateNews53m ago
Korea Think Tank Recommends High-Value Digital Asset Investor Taxation
The Korea Financial Research Institute released a report recommending that digital assets be taxed on high-value investors first, following the same equity principle applied to financial investment assets, according to researcher Bae Jin-soo on the 9th. The recommendation stems from the existing fin
CryptoFrontier1h ago
South Korea's Tax Authority Launches First Crypto Asset Custody Pilot on April 29
According to News1, South Korea's National Tax Service launched its first pilot program on April 29 to entrust private crypto custodians with managing seized virtual assets. The bidding deadline is May 12, with the trial running through year-end. Major Korean custodians including KODA, KDAC, Hecto
GateNews1h ago
U.S. Lawmakers Reach Stablecoin Compromise Last Week, Crypto Bill Odds Jump to 60%
According to Kristin Smith, president of Solana Policy Institute, lawmakers reached a compromise on stablecoin rewards last week, significantly improving the odds of comprehensive cryptocurrency legislation advancing. Smith previously estimated the chances of a comprehensive crypto bill becoming law
GateNews2h ago
BoE's Bailey Warns of 'Coming Wrestle' With U.S. Over Stablecoin Rules, Flags Run Risk
According to Reuters, on Friday, Bank of England Governor Andrew Bailey warned that international regulators face a "coming wrestle" with the U.S. government over stablecoin standards. Bailey, who chairs the Financial Stability Board, highlighted a key vulnerability: some U.S. dollar-pegged stableco
GateNews4h ago
Senate Banking Committee Sets May 14 Markup on Comprehensive Crypto Bill
The Senate Banking Committee announced on Friday that it will hold a markup on May 14 to advance comprehensive federal crypto legislation, marking the committee's second attempt to move the bill forward. The previous markup, scheduled for January, was cancelled after major crypto exchange Coinbase w
CryptoFrontier7h ago
