Name: U.S. Congress introduces crypto market structure legislation
Uploaded: 2026-01-13T20:14:33.712Z
Duration: 2 min 59 s
Description: Under the new proposal, many digital-asset companies would continue to be able to offer rewards to customers who hold stablecoins. A markup meeting is planned for Thursday.

Under the new proposal, many digital-asset companies would continue to be able to offer rewards to customers who hold stablecoins. A markup meeting is planned for Thursday.

Washington

The US Senate Banking Committee has introduced nearly 300 pages of legislation designed to provide regulatory clarity for the cryptocurrency sector. The bill, which is the result of months of bipartisan negotiations, addresses contentious issues such as the treatment of stablecoin rewards and seeks to balance the interests of crypto exchanges and traditional banks.

Industry groups have expressed concerns about potential restrictions on crypto exchanges, while some Senate Democrats, including Senator Elizabeth Warren, remain opposed to the bill without stronger ethics and conflict-of-interest protections. The bill is expected to undergo further changes before a Senate vote and must be reconciled with previous House legislation if it advances.

U.S. Congress introduces crypto market structure legislation

Zach, there's a lot in here. It's very quick moving, too. Something happened last night as well. We'll get to that. But first, break down this bill for us. What's in it? So the Senate Banking Committee released almost 300 pages of legislation late last night, really right up against their own deadline to begin marking up what would essentially create rules of the road regulatory clarity that's been sought by the crypto industry for years now. This is the result of months of negotiations in the Senate between Democrats and Republicans, many of whom are on the banking committee and have been studying this issue closely. Obviously, the headline issue there is the treatment of stable coin yield for rewards, which tries to strike a very delicate balance between the crypto exchanges who want to be able to reward their customers who do have their stable coins on those exchanges versus traditional banks who are trying to prevent a run on deposits and are trying to prevent direct competition on that front. And so there's a lot of really key questions they have to work out if this panel vote on Thursday is going to be successful. So, Zach, who comes out ahead? Who likes this bill? The banks or the crypto industry? So I have not heard from the banks yet today, but I did get a statement from Summer Mercinger, who is the head of the Blockchain Association, one of the key lobbying groups here on Capitol Hill, who has a lot of concerns about even curtailing part of crypto exchanges' ability to offer rewards or interest or yield specifically to their customers who have stable coins on those exchanges. This has been an ongoing battle. This is something that Democrats and Republicans have been talking about for a long time and something that could even change right up until the last minute in the banking committee when they mark up Thursday morning. And I think we really need to emphasize, too, that this bill could see numerous changes even once it gets to the floor of the Senate. Senate Majority Leader John Thune has said he wants to pass it sometime this year, and there's other senators who would probably have a lot of questions about what this bill would do and general questions about the technology itself. And any changes would have to be reconciled with the House's Clarity Act that they passed last year. And so this this fight between the crypto industry and the traditional financial institutions has certainly changed the dynamics of this particular bill and will continue to for the months to come. Zach, just last question for you. How would you characterize the pushback that we've seen as of now from from some members of the Senate? You're certainly going to have some Senate Democrats, including Senator Elizabeth Warren, who's the top Democrat in the Banking Committee, outright opposed to really anything that could clarify crypto's rules either on the regulatory front or on the tax front, which is a separate legislative effort, especially if there's not certain protections against conflict of interest, certain ethics guardrails, including for the White House, given President Donald Trump's increasingly prominent role in the crypto industry and for that of his family is something of a red line for a lot of Democrats. And so I think you're going to see a lot of Democrats vote against this bill sort of on principle. But if this bill does get across the finish line and get to Trump's desk, it's going to be on a very delicate bipartisan coalition here on Capitol Hill.

Former President Bill Clinton is refusing to appear before the House Oversight Committee to testify as part of its investigation into Jeffrey Epstein. CBS News congressional correspondent Nikole Killion has more.

Bill Clinton skips Epstein deposition on Capitol Hill

Analysts say the discussions could be pivotal in clarifying U.S. intentions, easing tensions and reinforcing commitments to Greenland’s sovereignty in the face of strategic interests from Washington.

Denmark and Greenland ministers to meet Rubio and Vance at White House

Former Corsican nationalist leader Alain Orsoni, who also served as the president of soccer club AC Ajaccio, was shot dead in Corsica on January 11 during his mother’s funeral. He was 71. Alain Orsoni was one of the leaders of the Corsican National Liberation Front (FLNC) in the 1980s. He later founded and led the Movement for Self-Determination (MPA).

Vero

Ex-Corsican nationalist leader Alain Orsoni killed at mother's funeral

Far-right leader Marine Le Pen, who needs to have a graft conviction overturned to seize her best chance at the French presidency, risks seeing her life's work upended if she loses her appeal. It comes after a French court last year barred her from running for office for five years over a European Parliament fake-jobs scam involving her and other officials from her National Rally party.

Paris

Marine Le Pen's appeal in EU fund embezzlement case opens in Paris

British regulators are investigating X for lewd AI images generated by Grok, the AI arm of Elon Musk's social platform. Michael Goodyear, an associate professor at New York Law School, joins CBS News with more.

London

UK investigating Musk's X over Grok's AI-generated images

As U.S. President Donald Trump weighs a response to Iran's deadly crackdown on nationwide protests, Iranian leaders say they are still keeping communications open with the Americans. But on January 12, large pro-government rallies took place across Iran, and the U.S. was clearly framed as the enemy and instigator of the protests.

Tehran

Iranian leaders mobilise supporters as U.S. weighs intervention

Last week an Immigration and Customs Enforcement Agent shot and killed Renee Good, a Minneapolis mother who was observing a law enforcement action carried out by the agency.

Minnesota

Minnesota sues federal government to prevent further ICE deployment

The demonstrations are the biggest Iran has seen in years. Protests spurred by the Iranian currency collapse have morphed into a larger test of Supreme Leader Ayatollah Ali Khamenei's rule.

Trump weighs military action against Iran over protest crackdown

President Claudia Sheinbaum has sought to safeguard Mexican sovereignty while cooperating with the US on key issues.

Mexico City

Mexico’s Sheinbaum rejects Trump’s threat of strikes on drug cartels

President Donald Trump said that any country which does business with Iran will face a tariff rate of 25% on trade with the U.S., as Washington weighs a response to the situation in Iran which is seeing its biggest anti-government protests in years.

Trump says nations trading with Iran will face 25% U.S. tariffs

Iran’s Foreign Minister Abbas Araghchi says his country is ready for war but also for dialogue, after US President Donald Trump said the US is considering ‘very strong options’ in response to Iran’s crackdown on antigovernment protests.

Iran FM Araghchi warns ready for war if U.S. wants to ‘test’ it

Britain will bring into effect a law criminalizing the creation of non-consensual intimate images this week, technology minister Liz Kendall told parliament after regulator Ofcom launched an investigation into Elon Musk's X.

UK investigates Musk's X over Grok sexual deepfakes

Iran's internet was cut off late last Thursday, apparently in an attempt by government authorities to prevent protesters from organizing and uploading videos for the outside world to see.

Iran enforcing nationwide internet blackout amid protests

Malaysia and Indonesia have become the first countries to block Grok, the artificial intelligence chatbot developed by Elon Musk's company xAI, amid concerns that it is being misused to generate sexually explicit and nonconsensual images.

Malaysia and Indonesia block Musk’s Grok over sexualized AI images

India's Prime Minister Narendra Modi has welcomed German Chancellor Friedrich Merz, who is on a two-day visit. Merz is traveling with a large business delegation as Germany seeks to deepen economic and security ties.

New Delhi

Germany's Merz makes first official visit to India

At the first major awards show of the season, "One Battle After Another" and "Adolescence" both won four awards. In a surprise win, "Hamnet" upset "Sinners" for best motion picture for a drama.

Los Angeles

"One Battle After Another," "Adolescence" win big at Golden Globes

Fallout from the fatal shooting of Renee Good by a U.S. immigration and customs enforcement officer in Minneapolis continues with government officials standing by the action and ordering more ICE officers into the city.

Minneapolis

Hundreds more ICE agents headed to Minneapolis after fatal shooting

Powell said the investigation, linked to a testimony he gave to a Senate committee about renovations to Fed buildings, was an attempt to limit central bank independence.

U.S. opens criminal investigation into Fed Chair Jerome Powell

Protests continue in Iran amid a violent government crackdown. Activists say hundreds of demonstrators have been killed. President Trump says Iran now wants to negotiate to prevent a U.S. military response.

Trump says Iran 'wants to negotiate' as protests intensify

President Trump says Iranian leaders have reached out to the U.S. to negotiate, as massive protests continue and more deaths are reported by activists.

Trump weighs military option in Iran amid rising death toll

President Trump has been briefed on new military options for a strike against Iran amid widespread protests and a government crackdown on communications for Iranians, a senior U.S. official tells CBS News. "We'll be hitting them very hard where it hurts," he said at the White House.

Trump briefed on new military options for Iran strikes amid protests

Demonstrations in Iran are now entering their third week and the death toll is surging with hundreds killed, according to a human rights group. Ayatollah Ali Khamenei insisted that the Islamic regime will "not back down" in the face of the growing social unrest and calls for regime change.

Protests in Iran intensifying despite threat of death for dissidents

The Consumer Electronics Show in Las Vegas showcased a wide array of AI-powered innovations, including paper-thin televisions, interactive Lego, and binoculars that can identify bird species in real time. Notable breakthroughs included .Lumen's AI glasses for the visually impaired and Roborock's Saros Rover, a robotic vacuum cleaner capable of navigating stairs and various surfaces autonomously.

Las Vegas

Rise of AI

AI-powered innovation dominates Consumer Electronics show

Human remains were found in Australia's southeast where bushfires raging for days have razed buildings, cut power to thousands of homes and burned swaths of bushland, police said. The blazes are burning out of control during a summer heat wave in Victoria state.

Victoria

'Gut-wrenching': Australian bushfires expected to burn for weeks

Anti-government protests in Iran show no sign of stopping. Human rights groups are putting the death toll at 116 with 2600 detained. U.S. President Donald Trump has reaffirmed U.S. support for the protesters.

Protests in Iran defy government crackdown

Iran's army is threatening to join the crackdown on protesters as demonstrations against the regime grow and the death toll mounts. Huge crowds have taken to the streets across the Islamic Republic. Iran's Revolutionary Guard calls them "terrorists." Haley Ott has more details.

Iran's army threatens to join crackdown against protesters

President Trump said, "We are going to do something on Greenland, whether they like it or not," earlier this week. But Greenland, a territory of Denmark and a NATO ally, is rejecting the threats.

Nuuk

Greenland rejects Trump's threats

Trump, who often cites national security interests as the reason for taking Greenland, said that if the US does not do something, 'Russia or China will take over Greenland'.

Trump says U.S will act on Greenland, 'whether they like it or not'

Protests across the U.S., including in Minneapolis, Philadelphia and Miami, are taking place following the fatal shooting of 37-year-old Renee Good by an ICE agent in Minneapolis. Police declared the demonstrations in downtown Minneapolis an 'unlawful assembly'.

Philadelphia

Protests spread across the U.S. over ICE shooting of woman

Internet and phone lines in Iran have been cut off as anti-government protests enter their second week. Reports say at least 65 people have been killed and more than 2,300 others detained. U.S. President Donald Trump has warned of a possible U.S. response to the government crackdown.

Breakdown