Senate Banking Committee members submitted more than 100 amendments to the CLARITY Act ahead of Wednesday's markup session. Senator Elizabeth Warren alone filed over 40 proposals. The rush comes after months of stalled negotiations over crypto regulatory jurisdiction.
Amendment Onslaught
Committee staff spent Monday processing the last-minute filings. The bill now spans 309 pages after expanding by 31 pages through amendments. Lawmakers focused heavily on stablecoin yield rules and ethics provisions.
Stablecoin Fight Escalates
The American Bankers Association pushed back with over 8,000 letters to Senate offices. They oppose the Tillis-Alsobrooks stablecoin yield compromise, arguing it allows high-yield products without bank oversight. Senators Reed and Smith proposed stricter amendments targeting products resembling traditional interest accounts.
Ethics Provision Meets Resistance
Senator Chris Van Hollen's amendment banning senior officials from owning crypto businesses faces Republican pushback. The provision also covers family members but has drawn objections from bill sponsors. This comes as the bill added retroactive protections for noncustodial developers.
Path to Presidential Signature
The CLARITY Act passed the House in 2025 with bipartisan support but stalled after cancelled markup sessions. Prediction markets give it a 60% chance of becoming law this year. The White House wants the bill signed by July 4, but the markup must first reconcile competing amendments.
Committee chair Sherrod Brown opens the markup session at 10 a.m. ET Wednesday. Both parties plan floor debates on the stablecoin yield restrictions and ethics language.
