The U.S. Senate passed a housing bill that includes a provision banning the Federal Reserve from issuing a Central Bank Digital Currency (CBDC), with the ban lasting until the end of 2030. The bill's prospects in the House are uncertain, as some members oppose restrictions on the number of properties that large institutional investors can hold, which may affect the bill's progress.

Gate News reported that on March 12, U.S. Senate Majority Leader John Thune stated that the Senate plans to advance cryptocurrency market structure legislation and licensing-related legislation after completing debate on the (voter identification provisions) of the Save America Act. John Thune said that senators are pushing forward this long-awaited cryptocurrency market structure legislation and indicated that if there is bipartisan willingness to cooperate, the Senate can make progress on multiple issues of shared concern between the two parties. The Save America Act is expected to undergo partisan debate in the Senate next week.

Senate Banking Committee Republican Leader Tim Scott stated that the chief prosecutor investigating Federal Reserve Chairman Powell has been replaced. The investigation involves the renovation project of the Federal Reserve headquarters building and Powell's testimony, against the backdrop of interest rate policy conflicts between the Federal Reserve and President Trump. Meanwhile, Wash's Federal Reserve Chair nomination has been stalled due to the ongoing investigation.

The U.S. Senate is advancing legislation on the structure of the crypto market, with stablecoin yield issues becoming a point of controversy. Democratic Senator Angela Alsobrooks and Republican Senator Tom Tillis are working together to seek a compromise, emphasizing the need to find a balance between the crypto industry and the banking sector to avoid impacting financial stability. The banking industry hopes to restrict stablecoin yield payments to prevent capital outflows from the banking system, while the crypto industry opposes this restriction, arguing that yields are key incentives for users. Future regulatory frameworks need to consider the interests of both sides.

The CLARITY Act is progressing slowly in the U.S. Senate, mainly due to disagreements over stablecoin yield mechanisms. Senators are seeking a compromise, but the banking industry remains cautious, hoping to pass legislation before the 2026 elections. Time is tight, and whether the bill will pass remains uncertain.

The Florida State Senate passed Bill 314 on March 6th with a 37-0 vote, establishing a regulatory framework for payment-type stablecoins and prohibiting issuers from paying interest. The accompanying House bill will also be submitted for the governor's signature. Meanwhile, another bill was passed to protect the trade secrets of virtual currency businesses.

Solana Policy Institute President Kristin Smith commented on the legislative progress of the "Clarity Act," stating that despite facing resistance, the complexity of the bill ensures its long-term viability. The involvement of the White House and traditional financial institutions in negotiations are new features. If the Senate can complete review by March or April, there is hope to push the legislation forward before July. Trump's support also increases the likelihood of the cryptocurrency legislation passing.

On March 6th, Ripple CEO Brad Garlinghouse supported Trump's tough stance on the "Clarity Act," calling on the U.S. Congress to push for the bill to clarify the regulatory framework for digital assets. Currently, due to disputes over stablecoin yield models, the bill is stalled in the Senate, affecting market sentiment.

BlockBeats News, March 6 — Cynthia Lummis, the proposer of the Bitcoin Strategic Reserve Act and Chair of the Senate Banking Digital Assets Subcommittee, stated that she had a meeting with CFTC Chair Michael Selig. The two discussed the digital asset market structure, and the discussion was very pleasant. The CFTC Chair is well aware of the urgency of the moment and looks forward to continuing cooperation in the process of integrating digital assets into the 21st-century financial system.

The US-Israel-Iran conflict has led to rising oil prices, sparking market concerns about inflation, and the Federal Reserve may pause interest rate cuts. Nevertheless, if Trump’s nominee, Wosh, is confirmed by the Senate, it is expected that he will still support rate cuts, as he advocates for interest rates to be below current levels.