A good ol’ fashioned Banking markup with a lot on the line

The Senate Banking Committee convenes this morning to mark up bipartisan crypto legislation for the first time in its history. We expect the process to be lively.

The GENIUS Act would introduce a regulatory framework for stablecoins, and it has bipartisan support and buy-in from Senate Banking Committee Chair Tim Scott (R-S.C.). But parts of industry – particularly banks – remain wary of how this bill could potentially upend the financial system, as we reported last night.