"Senate Banking Committee members have filed more than 100 proposed amendments to the Digital Asset Market Clarity Act, according to Politico reporting. The panel is set to convene on Thursday for a long-awaited markup vote that crypto and industry leaders say could reshape digital asset regulation in the United States."
"At the center of the dispute is how the bill handles stablecoin yield products - crypto that offer returns to holders. Banking groups argue such crypto products threaten traditional deposit bases; crypto firms counter that reward programs support liquidity and customer activity without functioning as bank deposits."
"The American Bankers Association has sent more than 8,000 letters to Senate offices since last Friday, targeting the stablecoin yield compromise brokered by Senators Thom Tillis and Angela Alsobrooks. That compromise, reached after months of negotiations, prohibits stablecoin issuers from paying interest or yield to users who hold tokens passively, while preserving exceptions for rewards tied to genuine platform transactions and payment activity."
"Senator Elizabeth Warren leads the opposition push, submitting more than 40 amendments alone, with the bulk of proposed changes coming from Democratic members of the Banking Committee. The wave of filings mirrors the January markup session, which drew 137 amendments before that session was cancelled, signaling that resistance to the bill remains strong even as its supporters push for a final vote."
Senate Banking Committee members filed more than 100 proposed amendments to the Digital Asset Market Clarity Act ahead of a scheduled markup vote on May 14. The executive session will debate the amendments and determine whether the bill advances to the full Senate. The filings followed release of an updated 309-page draft expanded from a 278-page version earlier in January. Opposition led by Senator Elizabeth Warren includes more than 40 amendments, largely from Democratic members. Resistance remains strong, echoing a January session that drew 137 amendments before cancellation. The central dispute involves how the bill regulates stablecoin yield products. Banking groups argue these products threaten traditional deposit bases, while crypto firms argue reward programs support liquidity and customer activity without functioning as deposits. The American Bankers Association has sent more than 8,000 letters targeting a stablecoin yield compromise that limits passive interest while preserving exceptions for rewards tied to genuine platform transactions and payment activity.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]