After months of debate over divisive issues such as stablecoin rewards, illicit finance and ethics language, the Senate Banking Committee will finally launch long-awaited cryptocurrency regulatory reforms Thursday morning.
Despite aggressive lobbying from unlikely partners such as banks, unions and police, Republicans had garnered enough support to advance their latest text without Democrats on Wednesday, and Louisiana Republican Sen. John Kennedy ultimately agreed to the request.
But the digital asset industry is still hoping to gain at least some support from the left, with Coinbase CEO Brian Armstrong telling reporters late Wednesday that he expected “probably a bipartisan vote.”
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It will depend on whether senators can reach an agreement with the White House within the 11th hour on ethics language that would limit the government’s ability to profit from cryptocurrencies.
If not, negotiators hope they can reach a deal before the legislation reaches the Senate.