Overview
- Senate Democrats circulated a counteroffer accepting much of the GOP framework but insisting on stronger measures on financial stability, market integrity, illicit finance and conflicts of interest.
- Sen. Cynthia Lummis said the White House rejected ethics language she negotiated with Sen. Ruben Gallego to curb officials profiting from crypto, and she plans to revise it.
- Democrats are pushing for strict limits on stablecoin yields, citing deposit flight risks for community banks, along with tighter secondary‑market disclosures and anti‑evasion safeguards.
- Negotiators are still split on long‑term oversight between the SEC and CFTC, as the Banking and Agriculture Committees run parallel drafts with a tentative Dec. 17–18 markup that several senators say is uncertain.
- Consumer and labor groups, including the AFT and nearly 200 advocacy organizations, publicly opposed current drafts, while CEOs of Citigroup, Bank of America and Wells Fargo are set to brief senators in closed‑door meetings this week.