First in the Vault. A large coalition of crypto companies and trade associations urged the Senate Banking Committee to “swiftly” schedule a markup of legislation that would overhaul the market structure of the financial system.
Led by the Crypto Council for Innovation and the Blockchain Association, the groups wrote to “respectfully urge the Senate Banking Committee to notice and proceed towards a markup,” according to a letter sent this morning to Banking Chair Tim Scott (R-S.C.) and Sens. Elizabeth Warren (D-Mass.), Cynthia Lummis (R-Wyo.) and Ruben Gallego (D-Ariz.).
“The digital asset industry recognizes that this is a critical moment,” the groups wrote. “Our organizations and members stand ready to support your efforts.”
The Senate Banking Committee has spent a long time trying to get this landmark crypto bill through the panel. Since January, the major obstacle to that goal has been a fight with the banking sector over restrictions on stablecoin yield.
A final compromise continues to evade negotiators. As we reported Monday, Sen. Thom Tillis (R-N.C.) told Scott the committee should mark up this legislation no sooner than May, pointing to outstanding problems in the talks he’s been leading with Sen. Angela Alsobrooks (D-Md.). Bank opposition to a draft developed in mid-April is the latest reason for delay.
