Stablecoin compromise revives broad crypto legislation — Senate markup could come as early as next week!

A stablecoin rewards compromise between Sens. Angela Alsobrooks and Thom Tillis has meaningfully improved the odds of comprehensive U.S. crypto legislation advancing, with the Senate Banking Committee potentially holding a markup hearing as early as next week. Solana Policy Institute President Kristin Smith now puts the bill's chances of becoming law at roughly 60%, up from 20-30% just months ago — the highest she's ever been on the bill's prospects.

The agreed language blocks "covered parties" from paying interest or yield to U.S. customers solely for holding stablecoins, while carving out activity-based or transaction-based rewards tied to bona fide activities. The Digital Chamber's Cody Carbone called it "a great unlock" that "shifted the vibes for the better."

The remaining flashpoints are significant. Democrats are insisting on ethics provisions that would restrict the president,…