• Key insight: Ethics concerns from Senate Democrats remain the biggest obstacle for the upper chamber to pass a crypto market structure bill. 
• What’s at stake: No further negotiations on yield-related restrictions on stablecoins are currently planned among lawmakers, despite bank lobbying efforts to make headway on the issue.
• Forward look: Lawmakers face a narrow window before August recess to reach a deal, after which the urgency of spending legislation and the heart of the midterm campaign will make passage exceedingly unlikely.

WASHINGTON — The next few weeks before the August recess offer Congress its last realistic chance to pass a piece of crypto legislation it has spent months fighting over.

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But the bill is still…