What’s next for crypto rules after Senate’s stablecoin deal?

Lawmakers are moving closer to setting clear rules for crypto, but not everyone agrees on what those rules should be. A new proposal aims to settle a fight between banks and crypto companies over rewards tied to stablecoins—digital money designed to keep a steady value. Under the plan, crypto firms can’t offer rewards just for holding stablecoins, which banks say could drain their funds. But rewards would still be allowed if people use stablecoins to buy things. The idea is to find a middle ground, but some key players aren’t sold yet. The crypto world is pushing hard for this bill, called the CLARITY Act. The White House is also backing it, making it a top priority. But even with this deal, other disagreements remain, especially around ethics and banking concerns. Some Democrats like Sen. Angela Alsobrooks say the bill needs more work before they’ll support it, even though they’re happy with the stablecoin part. Meanwhile, Sen. Thom Tillis, one of the bill’s authors, insists it’s ready for a vote.The banking industry hasn’t weighed in publicly yet, and that’s a big problem. Insiders say they’re worried the rules might have hidden loopholes they don’t like. If banks push back hard enough, some Republicans could change their minds and vote no. That could delay the vote, which was supposed to happen in January but got postponed. Now, lawmakers are hoping for a bipartisan agreement by May. Even if the bill passes, it might not be smooth sailing. Past attempts to regulate crypto have failed because of sharp divides between parties. Some Democrats want stricter ethics rules, while Republicans focus on market growth. The stablecoin debate was just the biggest hurdle—now, the real test is whether lawmakers can agree on the rest.