The Senate Banking Committee has scheduled a markup for May 14 to advance comprehensive crypto legislation that would regulate the industry at the federal level for the first time.

This marks the committee’s second attempt at a markup after it cancelled one in January, when major crypto exchange Coinbase pulled its support over concerns including the treatment of stablecoin rewards.

What changed since January

The stablecoin rewards issue appears to have been resolved after two key senators released new language last week, though bank trade groups have argued the language “falls short.”

Before any bill becomes law, several steps remain.

The Senate Banking Committee must advance its version, then…