The Senate Banking Committee's CLARITY Act now carries more than 100 proposed amendments — the final count is still unconfirmed, but it's comparable to the 137 that landed on the bill in January. The pile-up comes as both crypto advocates and traditional banking groups flood lawmakers with calls and letters ahead of the markup vote.
The amendment pile-up
Stand With Crypto says supporters have contacted lawmakers nearly 1.5 million times in favor of the CLARITY Act. The advocacy group reported 8,000 calls and 300,000 emails from supporters alone. On the other side, banking groups sent 8,000 demand letters opposing stablecoin rewards provisions. The Independent Community Bankers of America (ICBA) has been particularly vocal, criticizing the Federal Reserve's approval of a master account for Kraken and warning it risks the banking system.
The stablecoin rewards fight
The current stablecoin compromise in the bill prohibits rewards on idle stablecoin holdings but permits transaction-based incentives — an attempt to avoid competing with bank deposits. But some senators want to close what they see as loopholes. Sens. Jack Reed and Tina Smith proposed an amendment to ban rewards 'substantially similar' to deposit interest. Banking industry groups argue that even the current language could let crypto firms poach depositors.
Warren's 40 amendments and the ICBA's warning
Sen. Elizabeth Warren filed over 40 amendments, including one that would block Federal Reserve master accounts for crypto companies. That's a direct shot at Kraken's recent approval and a sign of the broader pushback. Arkansas Bankers Association CEO Lorrie Trogden urged banking industry members to contact lawmakers ahead of the markup vote, framing the fight as existential for community banks.
Markup vote expected soon
Committee leaders haven't set a firm date, but the markup is expected in the coming days. With more than 100 amendments to work through, the session could stretch long. The final shape of the CLARITY Act — especially the stablecoin rewards language — will depend on which amendments survive.
