Senator Cynthia Lummis (R-Wyo.) on Thursday said the Senate Banking Committee pulled the crypto bill the day before a scheduled vote due to bank concerns about losing deposits, pushing the legislation into spring.

Why The Vote Was Canceled

Lummis told Maria Bartiromo on Fox that the committee had scheduled a markup but pulled it the day before “not because just of what Coinbase had said about it, but because there was other concern.”

The primary concern: banks and credit unions have committee members worried they will lose deposits if crypto firms can pay interest on stablecoins. 

This fear overrode Coinbase (NASDAQ:COIN) CEO Brian Armstrong’s public opposition.

Senate Majority Leader…

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