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Major crypto bill slated for May 14 Senate Banking Committee vote
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 have “13 of 13 Republicans on ... (full story)
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