Balance of Power Weekly Washington Policy Pulse: Final Leverage Ratio Rule, Crypto Bill Odds (Nov. 17, 2025)
Nov 17, 2025
Nathan Dean, a senior policy analyst at Bloomberg Intelligence, dives into pressing U.S. financial and regulatory topics. He forecasts the final leverage ratio rule, which may impact Tier 1 capital for major banks. Dean also discusses the slim chances of a crypto bill passing that could affect platforms like Coinbase. Additionally, he shares insights on a potential $12-13 billion aid package for farmers and updates on the National Defense Authorization Act. His analysis sheds light on the evolving political landscape affecting investors.
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Crypto Bill Likely Slips To Next Year
- Crypto legislation momentum exists across Senate Banking and Agriculture committees but is unlikely to finish this year.
- Dean assigns ~70% chance of a crypto bill passing in H1 next year, driven by lobbying and bipartisan support.
Stablecoin Reward Loophole Persists
- Stablecoin rules under current drafts ban yield but don't clearly bar platforms from offering rewards.
- Banking industry wants loopholes closed; Dean expects status quo reward structures to persist.
NDAA As A Vehicle For Riders
- The NDAA remains a bipartisan vehicle and a likely place to attach policy riders.
- Watch for 'Christmas tree' amendments like credit-card or other industry proposals.