Bipartisan Efforts Shape Crypto Legislation
Before this week's pivotal hearing on cryptocurrency market regulation, U.S. senators have filed more than 130 amendments to the CLARITY Act. Proposed by both Republican and Democratic lawmakers, these amendments cover a wide range of issues including total bans on stablecoin yields, restrictions on government officials profiting from crypto-related activities, and revised definitions for digital asset mixing services.
Hearing Schedule and Legislative Timeline
The Senate Banking Committee will convene on Thursday to review the amendments, debate their inclusion, and vote on whether to advance the core legislation. A similar hearing originally scheduled in the Agriculture Committee has been postponed until late January. The Banking Committee's base text was released just before midnight on Monday, prompting intensive analysis by lawmakers and lobbying groups.
Notable Cross-Party Proposals
Some amendments demonstrate bipartisan support. Senators Tillis and Alsobrooks jointly filed three amendments, two of which directly address stablecoin reward mechanisms. One proposal seeks to remove the limiting word "only" from current language prohibiting digital asset service providers from offering interest or yield solely based on holding payment stablecoins. Another amendment focuses on modifying disclosure requirements while adding new risk guidance provisions.