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Senate’s crypto drama comes to a head
Eleanor Mueller · 2026-05-14 · via Semafor

The Senate Banking Committee will at last mark up its long-awaited overhaul of cryptocurrency regulation on Thursday morning following months of debate over divisive issues like stablecoin rewards, illicit finance, and ethics language.

Despite aggressive lobbying by unlikely bedfellows including banks, unions, and cops, Republicans already amassed enough support to advance their latest text without Democrats on Wednesday, when Sen. John Kennedy, R-La., ultimately fell in line.

But the digital assets industry is still hoping to draw at least some support on the left, with Coinbase CEO Brian Armstrong telling reporters Wednesday evening he expects “probably a bipartisan vote.”

That will hinge on whether senators can strike an 11th-hour deal with the White House on ethics language, which would restrict the administration’s ability to profit off crypto.

If they can’t, negotiators hope they can strike a deal before the legislation reaches the Senate floor.