Lummis said the new text reflects merged Banking and Agriculture Committee work and that negotiations with Democratic colleagues would continue. The release links the bill text, a section-by-section guide and topic sheets covering ethics, law enforcement, illicit finance and stablecoin interest or yield.
The July 22 release
The text is a legislative proposal, not an enacted rule. Exchanges, brokers, issuers and investors remain under current law unless and until Congress passes a bill and it is signed.
From committee text to merged draft
- Markup text released
Banking Committee majority members publish the version prepared for committee debate.
- Committee votes 15-9
The bill advances with support from all committee Republicans and two Democrats.
- Merged Senate text released
The new materials combine Banking and Agriculture Committee work and add an ethics section.
Floor votes, ethics and stablecoin rewards
- Floor support
- Committee advancement does not guarantee the votes needed in the full Senate.
- Ethics
- Lawmakers disagree over which businesses, holdings and enforcement routes the restrictions should cover.
- Stablecoin rewards
- Banks and crypto companies remain divided over interest, yield and reward language.
- Final text
- A Senate bill that differs from the House version would require further congressional action.
Next reporting
- A formal Senate floor schedule and further text changes.
- Whether ethics enforcement or stablecoin reward language changes before a vote.
- Statements from the two Democratic committee supporters on the final bill.
Sources
banking.senate.govPrimary evidence · Published May 14, 2026Open original ↗
Office of U.S. Senator Cynthia LummisPrimary evidence · Published Jul 22, 2026Open original ↗
banking.senate.govPrimary evidence · Published Jul 22, 2026Open original ↗
ReutersReporting source · Published May 14, 2026Open original ↗