The Senate Banking Committee\u2019s CLARITY Act is heading into Thursday\u2019s markup, buried under opposition.<\/p>\n
According to reports, Senator Elizabeth Warren alone filed more than 40 amendments before Tuesday\u2019s 5 p.m. ET deadline, and American Bankers Association members sent over 8,000 letters to Senate offices in less than a week demanding changes to the bill\u2019s stablecoin yield rules.<\/p>\n
The total number of proposed amendments going into Thursday is still being confirmed, but according to a list obtained by Politico, there have been more than 100 proposed.\u00a0To put things in perspective, a total of 137 revisions were proposed before the markup scheduled for January, which was canceled.<\/p>\n
Warren\u2019s batch alone covers a wide range of restrictions. One amendment that stood out would bar<\/a> the Federal Reserve from issuing master accounts to crypto companies, which would effectively cut such firms off from the core infrastructure of the US banking system.<\/p>\n The lawmaker also attacked the updated bill on X, arguing<\/a> that it lacked ethics provisions tied to President Donald Trump\u2019s crypto businesses.<\/p>\n \u201cNo bill should move through the Banking Committee without real ethics guardrails,\u201d she wrote.<\/p>\n That dispute has become harder for negotiators to avoid. Late last month, analyst Simon Dedic claimed<\/a> that Trump\u2019s meme coin and his crypto-related dinners<\/a> were part of the reason the CLARITY Act was going nowhere, with Democrats demanding conflict-of-interest language before backing the legislation.<\/p>\n Another revision, filed by Senator Jack Reed of Rhode Island, would prohibit crypto from being used as legal tender, including for paying taxes.\u00a0That proposal runs directly counter to a bill Representative Warren Davidson introduced last year that would have allowed Bitcoin to be used for precisely that purpose.<\/p>\n Senators Reed and Tina Smith of Minnesota also filed a joint amendment that would incorporate bank-requested changes to the stablecoin yield language.<\/p>\n According to journalist Brendan Pedersen, the proposal will force senators to choose<\/a> between crypto and the banks on a single vote, making it an uncomfortable moment for Republicans who tend to side with both.<\/p>\n Elsewhere, members of the American Bankers Association have reportedly sent<\/a> more than 8,000 letters to Senate offices since last Friday, pushing lawmakers to change the bill\u2019s stablecoin yield compromise<\/a>.<\/p>\n However, Stand With Crypto, the crypto advocacy group, responded with its own numbers on Tuesday, saying its advocates had called<\/a> Congress 8,000 times and sent 300,000 emails over recent months to protect stablecoin rewards, and have contacted lawmakers nearly 1.5 million times in support of the CLARITY Act overall.<\/p>\n Those on the side of digital assets are framing the banking industry\u2019s lobbying campaign as an attempt to block competition from yield-bearing stablecoins.<\/p>\n Senator Bernie Moreno accused<\/a> banks of trying to \u201ckill stablecoins that would let everyday Americans earn real yields on their own money.\u201d He also described the banking industry as a \u201ccartel\u201d protecting low-interest deposit models.<\/p>\n But not everyone inside Washington thinks this fight ends at Thursday\u2019s committee vote. According to reporter Sander Lutz, banking policy leaders are already preparing<\/a> for another push on the Senate floor if they lose the markup battle over yield restrictions.<\/p>\n Meanwhile, crypto journalist Eleanor Terrett reported that Senate Minority Leader Chuck Schumer privately encouraged<\/a> Democrats to work toward supporting the bill.<\/p>\n The post CLARITY Act Faces Wave of Amendments Ahead of Markup<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The Senate Banking Committee\u2019s CLARITY Act is heading into Thursday\u2019s markup, buried under opposition. According to reports, Senator Elizabeth Warren alone filed more than 40 amendments before Tuesday\u2019s 5 p.m. ET deadline, and American Bankers Association members sent over 8,000 letters to Senate offices in less than a week demanding changes to the bill\u2019s stablecoin […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-165197","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/165197"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=165197"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/165197\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=165197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=165197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=165197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bankers Blitz Senators With 8,000 Letters<\/h2>\n