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A major rules-of-the-road bill for the crypto industry is set to get an initial vote on May 14 in the Senate Banking Committee.
The step to move the legislation forward is a loss for the banking industry. Banks have argued that the proposed legislative language limiting when stablecoins can earn interest is still too similar to yield-bearing products like a savings account, and could threaten traditional banks and their deposits. Historically, interest in the form of rewards has been a key incentive for users to hold stablecoins.
Scott told Fox Business last week that he wanted to have “13 of 13 Republicans on board” — referring to all GOP members on the committee.
It’s not clear if any Democrats will vote for the bill given yet-to-be-resolved differences, including over provisions that would limit how politicians can profit from digital assets.
