Crypto industry leaders are meeting with the Senate Banking Committee today, with bank representatives following tomorrow, to review the product of the compromise reached last week between Senators Thom Tillis and Angela Alsobrooks. Details of the agreement remain under wraps. The stablecoin yield deal is moving to its next stage.
The deal was described by Alsobrooks as a way to protect innovation while preventing the deposit flight that banks had argued yield-bearing stablecoins would cause. Tillis said he felt the negotiations were in a good place but noted he intended to review the final text with industry stakeholders before formalising anything. Monday’s meetings are that review process beginning. The sequencing — crypto first, banks second — reflects the same dynamic that has defined the stablecoin yield negotiation from the start: the two sides must both accept the same language before a markup can be scheduled.
The Senate Banking Committee markup remains targeted for the second half of April, after Easter recess ends on April 13. Senator Bernie Moreno has said explicitly that if the bill does not reach the full Senate floor by May, digital asset legislation may not move again before the midterm election cycle makes major votes politically untouchable. Monday’s Capitol Hill meetings do not change those deadlines. They are the next step in determining whether the language holds when both sides read it closely.
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