Overview
- The House passed H.R. 3633 in July 2025 by a 294–134 vote, but Senate progress slowed over jurisdiction and stablecoin yield rules.
- Brad Garlinghouse says recent meetings between banking executives and crypto leaders, along with support from Sen. Bernie Moreno, have helped restart talks.
- The White House set a March 1 target to accelerate negotiations as lawmakers debate whether stablecoin platforms can offer yield-style incentives that affect bank capital.
- Interagency coordination has intensified, with the Senate Agriculture Committee advancing a related draft on Jan. 29 and the SEC and CFTC collaborating under “Project Crypto.”
- Ripple has invested roughly $3 billion since 2023 to expand custody and treasury infrastructure and continues to cite a court ruling that XRP is not a security as it prepares for potential passage.