Senate Banking Committee pulled crypto bill due to bank concerns over losing deposits before a scheduled vote. Bill pushed to spring. Coinbase CEO's opposition overridden. White House meeting unsuccessful. Senator Lummis assured Senate will revisit in spring. (Word count: 25)

Senator Cynthia Lummis (R-Wyo.) announced that the Senate Banking Committee decided to postpone the scheduled vote on the crypto bill due to concerns raised by banks regarding potential deposit losses. The decision to cancel the vote was made the day before the planned markup. Lummis clarified that the delay was not solely in response to statements made by Coinbase; rather, other factors, particularly worries about banks and credit unions losing deposits if crypto firms were permitted to offer interest on stablecoins, played a significant role. Despite opposition from Coinbase CEO Brian Armstrong, the committee prioritized addressing these concerns. Senate Majority Leader John Thune (R-SD) assured Lummis that time would be allocated on the Senate agenda later in the spring, even though securing floor time presented challenges. Additionally, a White House meeting on Monday aimed at addressing these issues met with failure. More details are available on Benzinga.com.