Senate Banking Committee Schedules Markup of Cryptocurrency Regulation Bill for May 14
Republicans secured enough votes on May 13 to advance their cryptocurrency regulation overhaul without Democratic support after Sen. John Kennedy fell in line. The markup is scheduled for Thursday morning following debate over stablecoin rewards, illicit finance and ethics language. Coinbase CEO Brian Armstrong expects at least some bipartisan backing.
SemaforThe Senate Banking Committee will mark up its long-awaited cryptocurrency regulation overhaul on Thursday morning. Republicans amassed enough support to advance their latest bill text without Democrats on Wednesday. They secured enough votes on May 13 after Sen.
Fell in line that day. The bill text debate involved divisive issues including stablecoin rewards, illicit finance, and ethics language. Banks, unions, and cops engaged in aggressive lobbying throughout the process.
Armstrong spoke to reporters on May 13. That outcome will depend on whether senators can strike an 11th-hour deal with the White House on ethics language. The ethics language would restrict the administration’s ability to profit off crypto.
If they cannot reach agreement with the White House, negotiators hope to strike a deal on ethics language before the legislation reaches the Senate floor. Semafor reported that the committee’s action follows months of debate over those same divisive issues. The markup is scheduled for May 14, 2026.
Semafor reported the developments from Washington, DC.
Key Facts
Story Timeline
3 events- 2026-05-13
Republicans secure enough votes to advance bill text without Democrats after Sen. John Kennedy falls in line
4 sourcesSemafor - 2026-05-13
Coinbase CEO Brian Armstrong tells reporters he expects probably a bipartisan vote
2 sourcesSemafor - 2026-05-14
Senate Banking Committee scheduled to mark up cryptocurrency regulation overhaul
2 sourcesSemafor
Potential Impact
- 01
Regulatory clarity for stablecoins and illicit finance controls once bill advances
- 02
Potential restrictions on administration crypto profits if ethics language is included
- 03
Possible bipartisan passage if 11th-hour White House deal is reached on ethics provisions
Transparency Panel
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