Honestly, there's nothing really wrong with the color you have now.

If you want to make a change, I would suggest going with something that matches the cream tones in the rug.

If you need to paint I would choose a creamy white colour that coordinates with the white in your rug.

I find you seem to lack some lighting in the room, I see you have ceiling lighting but you also need more than the 2 console lamps as 2nd level lighting.

Also, I would suggest to replace your accent pillow with a mix of more current looking ones.

An off-white a bit lighter than what you have and with a bit less yellow.

The only thing I don't love in the room is the color of the ottoman right next to the sofas. Maybe adding a pair of large rectangular trays or one large square/circular tray would help. Put some coffee books on there and a nice orchid arrangement.

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HIgh five to your husband. I love the wood stain and I'm not at all a fan of dark space.

I don't think the yellow in your current wall color is serving the room well. (Could be your light bulbs, play with a brighter less yellow bulb.) But, I do like the white that is on your ceiling. I'd paint the room a more clean white with less yellow in it. Does that sit well with you or did you want more of a color?

If you are opting for a neutral with a bit more color, perhaps an ever so slight hint of blue will look nice with both the wood and your rug.

Google brooklyn brownstones. There a ton that have dark wood paneling with stunning high end renovations and great wall colors.

IMO the selection of colors for furnishings for this room should have been deeper in tone.

I have a lot of walnut stained wood in my house too. Moldings and a gorgeous tray ceiling in part of the great room.

I painted the entire house SW Antique. It works well but my exposures may be different. It’s worth a sample.

I love the dark stain. I also love the rug, and the fact that you have color in your room. It makes it so much more welcoming. I agree, pick the whitish cream that you have in the rug, for the walls.

I’ve gotta disagree with the cream suggestions. They feel too close to what you already have and a hint of yellow that is present in any cream is going to bring a 70’s brown and yellow vibe.

I think the color of your furnishings along with the color of your wood are going to look spectacular with the right paint.

Suggesting a darker color for the walls. a color that is dominant in the rug, and help balance the dark wood.

I'm very glad that you are keeping the wood as is.