The situation in the Senate regarding crypto legislation is heating up. It has just been announced that key senators may soon advance a bill on the structure of the digital asset market — this is currently the industry's main goal.

At the center of the conflict are rewards on stablecoins. A week ago, bankers proposed a new formulation, which triggered a vigorous reaction. President Trump directly accused banks of attempting to undermine the already passed GENIUS Act, using negotiations over the Clarity Act as leverage. His words were sharp: banks should not hold cryptocurrency legislation hostage.

It's interesting to observe how the White House is actively intervening in the process. A meeting with the head of a major crypto company took place just before Trump's statement, and it clearly influenced the dynamics. The president’s son even called bankers “anti-consumer and frankly anti-American” — claiming they are blocking higher returns for ordinary Americans on savings.

The banks’ position is understandable: they fear that stablecoins will become competitors to their deposits if they generate income. JPMorgan Chase CEO proposed a compromise — allow earnings from stablecoin operations but ban interest on stored funds. Plus, crypto companies operating as deposit institutions should comply with banking requirements.

Key senators from both parties — Tom Tillis and Angela Alsobrooks — apparently are considering this final banking position. Representatives of the crypto industry are cautiously optimistic. One leader of the Digital Chamber stated that Senator Tillis responded well to discussions, and he believes there is a possibility of a positive vote.

But there’s a catch: timing. The Senate is working on a very tight schedule, and midterm elections will begin in the summer. The window of opportunity for the Clarity Act is narrowing. If the Banking Committee advances the bill through hearings, it will need to be combined with the version already passed by the Agriculture Committee. The merged version will require significant Democratic support to pass the full Senate.

Essentially, this is a classic battle of interests: the financial establishment against the crypto industry, with the White House acting as arbiter. The outcome of these negotiations will determine how stablecoins are regulated in the U.S. for the coming years. Keeping an eye on developments is a must.