U.S. Senate Reaches Stablecoin Compromise, Boosting Crypto Bill Passage Odds to 60%

According to The Block, Senators Angela Alsobrooks and Thom Tillis reached a compromise on stablecoin rewards last week, clearing the path for a Senate Banking Committee markup hearing as early as next week. The deal prohibits "covered parties" from paying interest or yield on stablecoins held by U.S. customers, while permitting activity-based rewards tied to bona fide transactions.

Kristin Smith, president of the Solana Policy Institute, estimated the odds of comprehensive crypto legislation becoming law have risen to approximately 60%, up from 40% two weeks prior. If an ethics provision is added to the bill, Smith said as many as 70 senators could support it, exceeding the 60 votes needed for Senate passage.