Brendan Pedersen
@BrendanPedersen
senior reporter and co-author @PunchbowlNews's VAULT writing about Congress, money, economy. signal: bpedersen.41 he/him not a doctor
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To clarify what's happening: Senate Democrats wanted an amendment vote on bank-supported language to restrict yield, plus law enforcement requested changes.
Chair Scott is refusing to hold a vote on those provisions, which would carry political liabilities for Republicans.
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News: Sens. Reed (D-R.I.) and Smith (D-Minn.) have filed an amendment ahead of Thursdays markup that will force senators to choose between crypto and the banks
The amendment would incorporate bank’s changes to stablecoin yield restrictions. Tough tough vote for bank-friendly Rs
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News: The Senate voted 49-44 on Monday night to invoke cloture on Kevin Warsh’s nomination to serve on the Federal Reserve Board. The vote was bipartisan, with Sens. John Fetterman (D-Pa.) and Chris Coons (D-Del.) voting in favor.
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First in PBN texts: 🚨 Big bipartisan crypto sitdown incoming. Sens. Lummis (R-Wyo.), Tillis (R-N.C.), Moreno (R-Ohio), Gallego (D-Ariz.) and Gillibrand (D-N.Y.) will convene Tuesday AM to discuss latest in market structure talks, per multiple sources familiar
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News: The Senate Banking Committee has noticed a markup for Thursday, May 14 to advance major crypto market structure legislation, according to two sources familiar with the announcement.
The move sets up a titanic week for the crypto industry as well as banks.
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