Senate Crypto Bill Faces Over 100 Amendments Before Vote

• US Senate Banking Committee members have filed over 100 amendments to a crypto market structure bill ahead of a crucial Thursday markup session.
• Key proposed changes target stablecoin yield prohibitions, protections for software developers, and strict ethics rules for government officials
• The bill’s advancement, previously delayed in January, faces a partisan divide with Democrats proposing dozens of changes and Republicans seeking adjustments

Senators on the US Senate Banking Committee are preparing for a pivotal Thursday markup session after filing over 100 amendments to a major cryptocurrency market structure bill. According to a list obtained by POLITICO, Democratic members proposed dozens of changes while Republicans sought more minor adjustments. The amendments focus on persistent issues like stablecoin yield, developer safeguards, and ethics provisions.

Consequently, the list reveals specific proposals, including one from Democratic Senators Jack Reed and Tina Smith to strengthen the stablecoin yield ban. Their amendment would use a “substantially similar” test rather than a “functionally equivalent” one to restrict platforms like crypto exchanges. Meanwhile, Democratic Senator Chris Van Hollen pitched an ethics rule to bar senior officials and lawmakers from crypto involvement.

Another planned amendment from Democratic Senator Catherine Cortez Masto aims to protect software developers from criminal liability for not registering as money transmitters. However, the bill’s path remains uncertain despite Republican majorities in the committee and Senate. Some Republican members, like Senator Thom Tillis, have stated they won’t support the bill without certain provisions.

The legislation, a version of which the House passed in July called the CLARITY Act, seeks to divide oversight of crypto between US market regulators. Its advancement was indefinitely delayed in January after major crypto lobbyist Coinbase withdrew support. The committee will now debate these amendments as it attempts to move the contentious measure to the Senate floor.

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