Major crypto bill slated for May 14 Senate Banking Committee vote

Chairman Tim Scott, R-S.C., listens to testimony by Kevin Warsh in Dirksen building on Tuesday, April 21, 2026. Tom Williams | CQ-Roll Call, Inc. | 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 board" — referring to all GOP members on the committee. It's not clear if any Democrats will vote for the bill given yet-to-be-resolved differences, including over provisions that would limit how politicians can profit from digital assets. Several senators and industry experts have suggested the bill can be changed to gain Democratic support between the committee vote and a potential vote on the Senate floor. But time is running out for lawmakers to resolve differences in that chamber, and it's unclear whether the House will want to make its own changes. …