Crypto market structure bill fails in Senate, shifting focus to stablecoin yield

Bitcoin Magazine reported that the crypto bill lost by 49 to 50 on September 15 and is now treated as effectively dead. The outlet also noted that Sherrod Brown regained his Ohio seat, and that roughly $64 million in crypto-backed spending failed during the race. Sen. Elizabeth Warren was described as the likely next chair of the Banking Committee.

Attention has shifted to stablecoin yield. The GENIUS Act, signed into law on July 18, 2025, bars issuers from paying yield to people who simply hold stablecoins. The Office of the Comptroller of the Currency has final GENIUS rules that take effect in January 2027. Sen. Angela Alsobrooks supports rewards tied to usage, while the Independent Community Bankers of America warned that yield could draw deposits away from community banks.

TD Cowen analyst Jaret Seiberg shared a policy note on stablecoin yield with clients on Monday. The note covers a possible congressional ban on stablecoin yield. The yield question has become the central dispute following the market structure defeat.