Banks Sound Alarm As Senate Pushes High-Stakes Stablecoin Bill That Could Reshape Traditional Deposits

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A pivotal Senate Banking Committee vote next week could move the U.S. closer to establishing long-awaited crypto regulations amid heightened concerns from banks that stablecoins may disrupt traditional deposit systems.

Senate Stablecoin Legislation Advances Amid Industry Divide

A major crypto market structure bill is scheduled for an initial vote on May 14 before the Senate Banking Committee, CNBC reported.

Senate Banking Committee Chairman Tim Scott (R-S.C.) has pushed to secure full Republican backing for the legislation.

However, Democratic support remains uncertain due to unresolved disputes, including provisions aimed at restricting politicians from profiting off digital assets.

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