U.S. senators have submitted over 130 amendments to the CLARITY Act

On January 14, according to CoinDesk, prior to the milestone cryptocurrency market structure legislative hearing this week, U.S. senators have submitted over 130 amendments to the CLARITY Act. These amendments cover a range of topics from a complete ban on stablecoin yields to prohibiting “public officials profiting from crypto interests,” as well as modifying the definition of digital asset mixers, all proposed jointly by Republican and Democratic senators. The Senate Banking Committee will hold a hearing on Thursday, where legislators will debate the amendments, vote on whether to adopt the relevant provisions, and ultimately decide whether to advance the underlying bill. A similar hearing originally scheduled by the Senate Agriculture Committee has been postponed to late January. The base text of the banking committee bill was released late Monday, after which legislators and lobbyists continued to study the details. Some amendments appear to have bipartisan support: Tillis and Alsobrooks jointly submitted three amendments, two of which clearly target the stablecoin reward provisions in the bill. One amendment proposes removing the word “only” from the base text — the current language states, “Digital asset service providers shall not pay any form of interest or yield (whether in cash, tokens, or other consideration) solely for holding and paying stablecoins.” Another amendment aims to modify the yield reporting requirements and add risk guidance provisions.