Draft legislative language meant to break an impasse on stablecoin yield circulating among stakeholders includes a lengthy list of exceptions to a ban on rewards for stablecoin holdings, making it unlikely to satisfy banks as negotiations continue.

The Massachusetts senator sent an open letter to Beast Industries regarding its purchase of Step with a list of concerns about crypto investment and Evolve Bank's role.

Speaking at the Digital Asset Summit, the Comptroller of the Currency argued that part of his goal in shifting the agency's posture toward the crypto industry is to allow smaller financial institutions to engage in novel technologies, which he said will keep banks relevant.

Financial institutions that delay or fail to take this leap risk losing customers and revenue, said speakers at the inaugural On-Chain Executive Summit.

Brett Tejpaul, co-CEO of Coinbase Institutional, discussed how the crypto exchange plans to bring its trading infrastructure to more financial institutions.

Sen. Cynthia Lummis, R-Wyo., one of the most pro-crypto lawmakers in Washington, said any compromise on stablecoin yield would have to be limited to prohibiting rewards for stablecoin holdings rather than a broader ban.

Senate Banking Committee Chair Tim Scott, R-S.C., said Tuesday that he expects the committee to work out a compromise between banks and crypto firms on yield-like rewards — a major sticking point in a market structure bill — by Friday.

Comptroller of the Currency Jonathan Gould encouraged the audience at a crypto conference Tuesday to weigh in on the agency's GENIUS Act implementation rule and said a separate anti-money laundering proposal from OCC and Treasury would be coming soon.

The criminal cases against these former 30 Under 30 honorees highlight the dangers of prioritizing hypergrowth narratives over proper due diligence.

Investors claim JPMorganChase collected fees while ignoring suspicious transfers linked to a $328 million crypto Ponzi scheme.

The card network hopes to increase revenue from non-card payments and is tapping two major technology trends.

The bank is partnering with a French software company to upgrade its usage of the emerging forms of artificial intelligence. Plus, Ripple plans to buy a local payment company to secure a license in Australia, and more in American Banker's global payments and fintech roundup.

Kraken Financial's receipt of a limited Federal Reserve master account is leading some industry observers to question whether the approval creates a new avenue for master account-seekers or whether it's a preview of the proposed "skinny" account.

Nasdaq announced its partnership with the crypto exchange as part of an initiative for 24/7 trading that is pending regulatory approval from the SEC.

The digital asset company, currently partnered with firms like Morgan Stanley and One Pay, is seeking its own national trust bank charter from the OCC.

JPMorganChase's Alfredo Porretti has left the firm; two junior Goldman Sachs bankers took part in a controversial fashion shoot; Societe Generale appointed Selina Cheung head of equity capital markets in Asia Pacific; and more in this week's banking news roundup.

Romance scams and other "pig butchering" frauds are growing rapidly. Should banks refund the stolen money? Not all agree on the answer to that question.

Federal Reserve Vice Chair for Supervision Michelle Bowman played down the significance of Kraken Financial receiving a master account, saying the central bank is treating it as a pilot program.

Noelle Acheson points out that a wander through stablecoin history highlights an overlooked use case likely to be of interest to financial services providers.

Morgan Stanley wants to get into crypto, and Kraken is getting inside the Fed. Plus Banco Santander faces a dilemma, and prediction markets make some questionable bets.