Senate stalls crypto bill as stablecoin yield rules debated

US Senate progress on a major crypto market-structure bill has stalled amid disputes over stablecoin reward rules, increasing regulatory uncertainty that could weigh on crypto markets, including Bitcoin. Negotiations between senators and banking-industry lobbyists remain deadlocked: the GENIUS draft (approved in July) would bar stablecoin issuers from directly paying interest while allowing outside platforms to offer rewards, a loophole that banks say could drain deposits. Key senators now expect no Banking Committee vote in April, with a possible revisit in May, prolonging legal ambiguity. Industry lobbying is intensifying as companies warn that restricting rewards would hurt innovation. The legislative delay and unresolved stablecoin provisions create short-term downside risk for crypto assets by extending regulatory uncertainty and the prospect of restrictive rules on yield products.