According to The Block, Senators Angela Alsobrooks and Thom Tillis reached a compromise on stablecoin rewards this week, significantly improving the outlook for broad cryptocurrency legislation. Kristin Smith, president of the Solana Policy Institute, raised her estimate of the bill’s passage odds from 40% to 60%, citing the breakthrough. The compromise clears the way for a second markup hearing in the Senate Banking Committee as early as next week.
However, ethics provisions remain a major hurdle. At Consensus Miami this week, Senator Kirsten Gillibrand stated there would be no support for the bill without an ethics provision addressing President Trump’s crypto interests, which Bloomberg estimates have generated at least $1.4 billion since his inauguration. Democrats previously proposed amendments to restrict federal officials from certain digital asset transactions, but these were not included in the Senate Agriculture Committee’s version. If an ethics provision is added, Smith believes as many as 70 senators could support the bill.
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