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…