CryptoOuchies
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Banking policy leaders now signaling that if they lose on stablecoin yield at Thursday's Clarity markup, they will ramp up their fight for changes on the Senate floor. "Thursday is Thursday, and there are 24 members who will opine, and we still have 76 members left to go before this thing is finished," one banking leader told me today. Alsobrooks + Tillis seem poised to stay put with their new yield compromise, however, even though banks don't like it. After banking trades released proposed changes to the deal Friday, an Alsobrooks spox told me the senator stands by her + Tillis' earlier statement that they "respectfully agree to disagree" w/ banks on yield. "It can't be a compromise if both sides don't agree to it," a frustrated banking trade leader also told me today. The trade leader also threw some shade at crypto for how they've navigated the process. "We don't debate this on X," they said. "We're very professional. X is really not, you know, the proper place to negotiate this."





Latest on this: The White House’s Patrick Witt is here in the Capitol and meeting with Sens. Lummis (R-Wyo), Schiff (D-Calif.), Tillis (R-N.C.), Moreno (D-Ohio), Gillibrand (D-NY). They all just walked into Majority Whip Barrasso’s office.


American Bankers Association CEO Rob Nichols sent the following letter on Sunday to every other bank CEO in the country, asking bankers for “immediate engagement” on stablecoin yield policy. Senate Banking Committee is slated to mark up landmark crypto bill Thursday





🚨SCOOP: The Senate Banking Committee is preparing to notice a markup for the Clarity Act as soon as tomorrow and has circulated draft legislative text to select industry members ahead of a potential Thursday vote, according to multiple industry sources who have seen the text. The language is reportedly still being finalized, with additional edits expected to reflect priorities from Democratic offices. One source told me the overall vibes after reviewing the bill and coordinating with other industry leaders are positive so far, though some bracketed sections are raising concerns that key provisions previously thought to be settled may still be in flux.





Ondo, Kinexys by @jpmorgan, @Mastercard, & @Ripple successfully completed a landmark pilot transaction connecting the XRP ledger with interbank settlement rails. This milestone marks the first time tokenized U.S. Treasuries have settled across borders and banks in near real time and outside traditional banking windows. 1. Ondo processed Ripple’s OUSG redemption on XRP Ledger 2. Mastercard's Multi-Token Network routed instructions to Kinexys by J.P. Morgan 3. J.P. Morgan delivered USD to Ripple's Singapore bank account Tokenized assets are no longer separate from the global financial system. For the first time, a public blockchain and global banking infrastructure settled a cross-border transaction of a tokenized fund together in real time. Together, we’re laying the groundwork for 24/7 global markets that never close.









