The US Senate Banking Committee’s crypto market structure push is running into a dense wall of amendments ahead of Thursday’s markup, with lawmakers filing more than 100 proposed changes to the CLARITY Act. The amendment rush puts stablecoin rewards, crypto firms’ access to the Federal Reserve system and even the use of digital assets for tax payments at the center of Washington’s latest fight over crypto regulation.
Crypto Bill Enters High-Stakes Senate Markup“Over the past year, we have listened, negotiated, and strengthened this bill because families, small businesses, investors, and innovators all benefit from clear rules of the road,” Scott said. “This bill reflects serious, good-faith work across the Committee and delivers the certainty, safeguards, and accountability Americans deserve.”
Terrett reported separately that American Bankers Association members had sent more than 8,000 letters to Senate offices urging lawmakers to revise the stablecoin-yield compromise. The ABA has argued that the current language does not adequately close what it calls a loophole allowing exchanges and other digital asset service providers to bypass the GENIUS Act’s ban on interest or yield on payment stablecoins.
The bill also reaches well beyond stablecoins. Digital commodity exchanges, brokers and dealers would be treated as financial institutions under the Bank Secrecy Act, bringing them into anti-money-laundering, customer-identification and due-diligence regimes. The text would also allow crypto companies to raise up to $50 million annually, and up to $200 million total, without SEC registration, while clarifying that tokenized securities remain subject to securities law.
At press time, the total crypto market cap stood at $2.67 trillion.
