Patrick Witt, Executive Director of the Presidential Council on Digital Assets, announced at Consensus Miami that the Senate Banking Committee will markup the bill in May, with four working weeks in June dedicated to a Senate vote, after which the House of Representatives must vote by July 4. Senator Kirsten Gillibrand suggested that early August would be a more realistic timeline.
The compromise on stablecoin yields between Senators Tillis and Olsbrook was described by Witt as closed: bank-like deposit yields are prohibited, while transaction rewards are permitted.
On the issue of conflicts of interest, the administration’s position is that the rules should apply to everyone without exception, but should not be directed against any specific individual or their family.