Lummis targets late‑April markup for Senate crypto bill; deal nears on stablecoin yield and DeFi

Sen. Cynthia Lummis said the Senate Banking Committee aims to mark up the crypto market‑structure bill in late April. She expects committee approval and a full‑Senate vote this year.

At the DC Blockchain Summit, Lummis told attendees she’s “confident” the committee will advance the bill and the Senate could pass it by year‑end per on‑site reporting. “We’re gonna have this thing done come hell or high water by the end of the year,” she said.

Stablecoin yield has been a sticking point. Bank lobbyists warn it mimics deposit interest and could threaten bank accounts according to summit coverage.

Lummis said negotiators drafted language to bar platforms from marketing or delivering rewards that sound like deposit yield or scale with balances from her remarks. She noted Coinbase CEO Brian Armstrong signaled willingness to compromise per related reporting.

On DeFi, Lummis said negotiators “put the DeFi issue to bed,” pointing to progress on how P2P and protocol‑level services should be regulated per conference coverage.

She also framed the moment politically, writing that there has “never been a more pro‑digital asset administration” than the current White House and urging action this year in a post.

Further movement came from Chairman Tim Scott. He told attendees he expects “the first proposal” on stablecoin yield by week’s end via Crypto in America.

Scott credited Sens. Angela Alsobrooks and Thom Tillis, and Patrick Witt of the White House Crypto Council, with bridging talks between finance sectors same source.

He added the committee is making headway on DeFi, ethics, and quorum issues. A proposal to add minority‑party representation at the SEC and CFTC is also on the table to widen bipartisan support same source.