• Key insight: The Senate Banking Committee is set to mark up crypto market structure legislation that would restrict stablecoin yield offerings, though it falls short of banks’ wishes. 
• What’s at stake: The American Bankers Association is urging members to contact lawmakers, warning that allowing yield-like rewards on stablecoins could drain deposits from the banking system and threaten financial stability.
• Forward look: Banks face an uphill fight against a crypto lobby that outspent the banking industry in the last election cycle and is already gearing up to do the same again ahead of the 2026 midterms.

WASHINGTON — A planned markup in the Senate Banking Committee on crypto market structure legislation has bank groups mobilizing their…