Mark Berube

🚨NEW: A divide is forming in bank land over the yield compromise. Big banks with consumer facing arms are taking issue, while those without appear more comfortable with the final language. Some community banks are also signaling support, though @ICBA, which represents them in Washington, is voicing concerns. Following my conversation with a larger bank that shares the concerns of the trades, the core issue is that the language is drafted too narrowly and still leaves room for crypto firms to work around the restriction. In their view, it’s not a true compromise because it doesn’t eliminate yield completely, it just changes how it’s offered. The trades are planning to ramp up outreach to Senate Banking Committee members beyond just @SenThomTillis and @Sen_Alsobrooks ahead of a markup, I’m told. The lead negotiators appeared to suggest the issue was closed in a joint statement last night. More to come in tomorrow’s @CryptoAmerica_ newsletter.