U.S. Senate CLARITY Act receives over 130 amendments, with stablecoin yield regulation becoming the focus

【Blockchain Rhythm】Major Developments in Cryptocurrency Market Regulation. According to industry sources, before the key legislative hearing on crypto market structure held this week, U.S. Senators have submitted over 130 amendments to the CLARITY Act. These amendments cover a wide range of issues—from outright bans on stablecoin yields and prohibitions on public officials profiting from crypto assets to redefining digital asset mixers—pushed forward jointly by Republican and Democratic lawmakers.

The Senate Banking Committee is scheduled to hold a hearing on Thursday, where senators will debate and vote on the amendments, ultimately deciding whether to advance the underlying bill. Meanwhile, a similar hearing originally planned by the Senate Agriculture Committee has been postponed to late January. Notably, the draft of the Banking Committee’s bill was released close to midnight on Monday, prompting legislators and lobbying groups to conduct in-depth reviews of the various provisions after its release.

Of particular interest is that some amendments show bipartisan consensus. For example, Senators Tillis and Alsobrooks jointly submitted three amendments, two of which directly target the stablecoin yield provisions in the bill. One amendment proposes removing the word “only” from the base text—currently, the clause states, “Digital asset service providers shall not pay any form of interest or yield (whether in cash, tokens, or other consideration) solely for holding stablecoins.” This seemingly minor wording change could have significant implications for stablecoin yield models. Another amendment involves modifications to the yield reporting mechanism and additional risk warning requirements.

This series of amendments reflects that the regulatory framework for stablecoins is becoming a core legislative focus. While there are disagreements among lawmakers from different parties, some areas of cooperation have also emerged on key issues.