A banker’s guide to the Senate crypto bill
- Key insight: Bankers and crypto companies are ramping up pressure on lawmakers as they hold a pivotal meeting to mark up the crypto market structure bill Thursday.
- Forward look: The withdrawal of Coinbase’s support for the bill is a blow to the overall legislation, and the bill is a long way from getting the strong bipartisan support it needs.
- What’s at stake: Bank groups say that allowing crypto firms to pay yield-like rewards on stablecoin reserves would drain deposits from the banking system and dampen local lending.
WASHINGTON — After a whirlwind week of negotiations, banking and crypto interests are digging in their heels over a key provision on stablecoin yield payments in the crypto market structure bill a Senate committee…
