Senate Crypto Bill Markup 2026: Gillibrand Optimistic Despite Industry Pushback

The crypto industry is holding its breath as Capitol Hill speeds up. Sen. Kirsten Gillibrand told CNBC she's "very optimistic" the Senate Agriculture Committee's updated digital commodity legislation will advance, despite the absence of a final deal with Democrats. The move marks a critical turning point for the Senate crypto bill markup 2026 cycle.

Senate Crypto Bill Markup 2026: A Tale of Two Committees

U.S. crypto regulation is currently a two-front battle. While the Agriculture Committee focuses on the CFTC's authority over digital commodities, the Banking Committee handles the SEC and traditional banking issues. Gillibrand emphasized that because digital assets share traits of both commodities and securities, bipartisan regulation across both committees is necessary.

Not everyone is cheering. Coinbase CEO Brian Armstrong has been vocal about "serious issues" in the Banking Committee's draft, claiming it would be "materially worse than the status quo." A major point of contention is a proposed ban on rewards for holding stablecoins, which banks fear could lead to a massive flight of deposits.

Stablecoins and the GENIUS Act Loophole

The debate centers on the GENIUS Act, signed into law by President Donald Trump. Banks argue that stablecoin rewards are a loophole for paying interest, bypassing existing bans. Gillibrand, who helped guide the act, remains hopeful that common-sense language can satisfy both the tech sector and traditional financial institutions.

The landscape is also shifting politically with the upcoming retirement of Sen. Cynthia Lummis, a long-time crypto ally. Gillibrand warns that if the U.S. fails to establish a clear framework, innovation will migrate to China or other global hubs.