Coinbase’s last-minute withdrawal of support forced the Senate Banking Committee to delay a crucial vote on landmark crypto market structure legislation, exposing deep fractures within the crypto industry over stablecoin yield restrictions backed by traditional banks. The abrupt move by CEO Brian Armstrong, declaring “no bill” better than “a bad bill” less than 24 hours before the scheduled markup, has left the legislation’s path forward—and its chances of passage—in serious doubt, splintering a once-unified industry coalition.
about Coinbase Derails Senate Crypto Bill Vote Over Stablecoin Yield FightDigital Chamber
0 in Finance and 0 in Crypto last weekBitcoin Groups Push Congress for Crypto Tax Exemptions
A powerful coalition of Bitcoin advocacy groups is pressing U.S. congressional tax leaders to dramatically expand proposed cryptocurrency tax exemptions, arguing that limiting relief solely to dollar-pegged stablecoins would fail to solve the compliance nightmare facing millions of Americans. In a letter to key committee chairmen, the groups warn that without extending “de minimis” exemptions to Bitcoin and major network tokens, the IRS’s treatment of crypto as property will continue to stifle everyday use, just as new, stringent broker reporting rules are set to take effect in 2025.
about Bitcoin Groups Push Congress for Crypto Tax ExemptionsStablecoin Rewards Debate Heats Up Ahead of Crypto Bill Vote
As the U.S. Senate Banking Committee prepares for a pivotal markup vote on crypto market structure legislation, the debate over stablecoin rewards has escalated into a defining battle. Banking groups warn these yield-like payments threaten local lending by drawing deposits away from community banks, while crypto industry leaders counter that they are essential for innovation, customer loyalty, and maintaining U.S. competitiveness against rivals like China. With lawmakers promising regulatory “parity,” the resolution of this issue could determine the fate of the landmark bill and shape the future of digital finance in America.
about Stablecoin Rewards Debate Heats Up Ahead of Crypto Bill VoteDigital Chamber Launches State Network for Crypto Policy
The Digital Chamber has launched a comprehensive State Network initiative to drive digital asset policies at the state level across the United States, marking a significant strategic push to educate lawmakers and build legislative support for cryptocurrency ahead of the 2026 midterm elections. The program establishes a collaborative ecosystem connecting policymakers, regulators, and industry leaders to advance blockchain adoption nationwide, with inaugural members including Michael Saylor’s company Strategy, proof-of-stake blockchain Hedera, and blockchain infrastructure firm Input Output.
about Digital Chamber Launches State Network for Crypto PolicyUS Senate Crypto Bill Stalled Amid DeFi Regulation Debate
The US Senate’s crypto framework legislation has hit a significant roadblock as Democratic lawmakers propose sweeping amendments that would impose stringent new regulations on decentralized finance protocols. Industry advocates warn the unreleased counterproposal threatens to derail progress toward legal clarity for the blockchain sector while granting regulators unprecedented authority over DeFi platforms.
about US Senate Crypto Bill Stalled Amid DeFi Regulation DebateCrypto Issues Could Swing 2026 US Midterm Elections
Cryptocurrency positions are emerging as a decisive factor for voters in the upcoming 2026 US midterm elections, with new polling data revealing a potential political realignment. A McLaughlin and Associates survey commissioned by the Digital Chamber shows that crypto-minded Democratic voters might cross party lines, with 37% trusting Republican candidates more on digital asset policies despite 38% of respondents identifying as Democrats. This unexpected shift in voter allegiance could significantly impact congressional control and reshape the political landscape around emerging financial technologies.
about Crypto Issues Could Swing 2026 US Midterm ElectionsUS Lawmakers Discuss Strategic Bitcoin Reserve in Roundtables
US lawmakers held multiple roundtable discussions with cryptocurrency industry leaders this week to explore establishing a strategic Bitcoin reserve. The meetings focused on the proposed BITCOIN Act and broader market structure frameworks, with industry advocates emphasizing the need for legislation to secure America’s financial future through Bitcoin reserves.
about US Lawmakers Discuss Strategic Bitcoin Reserve in RoundtablesCrypto’s Crisis Role & US Regulatory Crossroads
The text highlights cryptocurrency’s demonstrated role as a financial safe haven during crises, citing examples like Cyprus’s 2013 banking collapse and more recent events in Afghanistan. It emphasizes that while skeptics have long dismissed crypto as speculative, real-world events continue to validate its utility where traditional systems fail. The discussion also notes the critical influence of US regulatory developments, which could either enable or hinder the industry’s growth. This analysis stems from a Clear Crypto Podcast episode exploring Bitcoin’s practical applications and the stakes of current policy shifts.
about Crypto's Crisis Role & US Regulatory CrossroadsSenator Lummis Pushes Crypto Tax Reform in OBBB Amendment
Senator Cynthia Lummis announced plans to introduce a crypto tax amendment to the ‘One Big Beautiful Bill’ (OBBB), targeting double taxation on mining and staking rewards. Advocates argue that current rules impose undue burdens, taxing block rewards as ordinary income upon creation and again as capital gains upon sale. The proposal seeks to align crypto taxation with self-generated property like farm produce, taxing rewards only at disposition. Lobbying efforts from groups like the Bitcoin Policy Institute and Digital Chamber emphasize the need for clarity and fairness to encourage adoption and innovation. Supporters view this as a critical opportunity to streamline compliance and retain crypto activity in the U.S., though Senate negotiators have yet to confirm the amendment’s inclusion.
about Senator Lummis Pushes Crypto Tax Reform in OBBB AmendmentGENIUS Act Nears Senate Vote Amid Crypto Lobby Push
The GENIUS Act, aimed at regulating stablecoins, is advancing in the US Senate with strong backing from crypto lobbying groups. Despite procedural progress, potential amendments on credit card fees pose a risk of delay. Major industry players like the Blockchain Association and the Crypto Council for Innovation are urging lawmakers to maintain momentum to pass the bill before the House. The Senate moved the bill forward in a procedural vote on May 19, signaling potential approval this week.
about GENIUS Act Nears Senate Vote Amid Crypto Lobby PushGENIUS Act Delay a Minor Setback, Passage Expected Soon
The GENIUS Act, a key stablecoin regulation bill, faced a minor delay in the US Senate but is expected to pass in the coming weeks, according to Cody Carbone, CEO of the Digital Chamber. Speaking at Consensus 2025, Carbone emphasized the bipartisan appeal of the bill, which seeks to protect US dollar hegemony in global markets. Failure to pass the legislation before the 2026 midterm elections could risk reversing the current positive regulatory environment for crypto and destabilizing the markets. The bill is seen as critical for establishing clear regulatory frameworks for stablecoins in the US.
about GENIUS Act Delay a Minor Setback, Passage Expected SoonSenate Blocks GENIUS Act, Stablecoin Regulation Stalls
The Senate denied the motion to invoke cloture on the GENIUS Act, a bill designed to regulate stablecoins in the US, with a 49-48 vote against. Senate Majority Leader John Thune criticized Democrats for using the filibuster, calling it a missed bipartisan opportunity. Treasury Secretary Scott Bessent warned that without federal oversight, stablecoins will face fragmented state regulations, hindering US competitiveness. Lawmakers and industry leaders, including Senator Cynthia Lummis and Galaxy Digital’s Alex Thorn, remain optimistic about reintroducing the bill soon. The delay highlights ongoing debates over crypto regulation and America’s role in financial innovation.
about Senate Blocks GENIUS Act, Stablecoin Regulation Stalls