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CLARITY Act confronts 100+ amendments as bankers send 8,000 demand letters against stablecoin rewards
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Crypto advocates mobilized 300,000 emails to counter a banking campaign aimed at stripping stablecoin yield provisions from the CLARITY Act.
Key facts
- Bitcoin is -1.51% over the past 24 hours and currently sits at rank # 1 by market cap
- The group said its own advocates made 8,000 calls and sent 300,000 emails in recent months, and that supporters have contacted lawmakers almost 1.5 million times in favor of CLARITY
- The Senate Banking Committee’s crypto market structure bill is heading into CLARITY Act markup with more than 100 proposed amendments
- Elizabeth Warren has reportedly filed more than 40 amendments, the largest individual batch among committee members
Summary
The Senate Banking Committee’s crypto market structure bill is heading into CLARITY Act markup with more than 100 proposed amendments. This is turning a long-delayed vote on the CLARITY Act into a test of whether a fragile stablecoin compromise can survive pressure from banks, Democrats, and crypto industry groups. The size of the amendment pile underscores how unsettled the bill remains even after months of negotiations. The most consequential fight is over stablecoin rewards, the issue that helped stall earlier negotiations and now threatens to reopen the divide between crypto companies and the banking industry.