Key lawmakers worry the current bill doesn’t have a strong enough provision to prevent the president from profiting off of crypto. There’s also concern that it weakens national security and makes it easy for crypto and non-crypto companies to put their tokens on the blockchain, weakening protections for pension investors.

Democratic Senators Angela Alsobrooks of Maryland, Raphael Warnock of Georgia, Catherine Cortez Masto of Nevada, Andy Kim of New Jersey, and Mark Warner of Virginia are seen as key players in those discussions.

Senators Ruben Gallego and Adam Schiff are leading discussions with the White House to seek guardrails restricting conflicts of interest by elected officials, according to another person familiar with the deliberations. However, it’s unclear if Trump is for the ethics provision and whether Republicans will actually ensure the provision passes the House and Senate. Considering the uncertainty, it’s probable that the bill would trend towards a weak provision.

“It's almost all but guaranteed” that some ethics provision will be added before the full Senate vote, said the Digital Chamber’s Carbone.

A final wild card could be America’s banks. Earlier this month, senators shared new language regarding paying out interest on stablecoin balances. Trade groups representing banks across the country are still not satisfied and have said the language leaves room for workarounds and loopholes.

That could mean the banks push hard for more changes ahead of the full Senate vote, according to a person familiar with the matter. There’s a feeling that banks could appeal to other members outside the Senate Banking Committee who are supportive of community banks. But ultimately, it’s unlikely any changes will be made to the stablecoin yield payouts rule, according to the source.

David Hollerith covers the financial sector, ranging from the country's biggest banks to regional lenders, private equity firms, and the cryptocurrency space.

Jennifer Schonberger is a veteran financial journalist covering markets, the economy, and investing. At Yahoo Finance she covers the Federal Reserve, Congress, the White House, the Treasury, the SEC, the economy, cryptocurrencies, and the intersection of Washington policy with finance. Follow her on X @Jenniferisms and on Instagram.