The U.S. Senate Banking Committee’s CLARITY Act faces a critical markup on Thursday amid intense opposition and over 100 proposed amendments. Senator Elizabeth Warren filed more than 40 amendments, including one that would bar the Federal Reserve from issuing master accounts to crypto firms. Meanwhile, the American Bankers Association has mobilized thousands of letters opposing the bill’s stablecoin yield rules, while crypto advocates claim nearly 1.5 million contacts with lawmakers in support.
The Senate Banking Committee’s CLARITY Act is heading into Thursday’s markup buried under opposition. Senator Elizabeth Warren alone filed more than 40 amendments before the deadline.
One of her amendments would bar the Federal Reserve from issuing master accounts to crypto companies. She also attacked the bill on social media, arguing that it lacked ethics provisions tied to President Donald Trump’s crypto businesses.
The total number of proposed amendments is over 100, according to a list obtained by Politico. This compares to the 137 revisions proposed before a previously canceled markup in January.
Another amendment, filed by Senator Jack Reed, would prohibit crypto from being used as legal tender, including for paying taxes. Senators Reed and Tina Smith also filed a joint amendment incorporating bank-requested changes to stablecoin yield language.
Members of the American Bankers Association have sent more than 8,000 letters to Senate offices pushing for changes to the yield rules. The crypto advocacy group Stand With Crypto says its advocates have contacted lawmakers nearly 1.5 million times in support of the CLARITY Act.
Senator Bernie Moreno accused banks of trying to “kill stablecoins that would let everyday Americans earn real yields on their own money.” Reporter Sander Lutz noted that banking policy leaders are already preparing for another push on the Senate floor if they lose the markup.
