A leaked list has revealed over 100 amendments filed by the Senate Banking Committee members to a crypto bill set for a markup on Thursday.
The proposed changes are linked to stablecoins, software developers, and ethics.
Amendments Ahead of Markup
The list, obtained by Politico, reveals substantial proposed amendments. Democratic senators have proposed several changes, while Republican senators sought minor adjustments. Most amendments are centered around key issues that have been debated for months, including crypto software developer protections, ethics provisions, and stablecoin yield as the committee seeks to advance the bill to the Senate floor.
The leaked list shows an amendment introduced by Democratic senators Jack Reed and Tina Smith to strengthen interest yield prohibitions by using a substantially similar test instead of an equivalence test.
Another amendment by Democratic senator Chris Van Hollen introduces an ethics provision barring the President, Vice President, senior officials, members of Congress, and their families from promoting, owning, or being affiliated with crypto. The amendment has received support from Democrat and Republican lawmakers.
Democratic senator Catherine Cortez Masto plans to introduce an amendment protecting software developers. The proposal has garnered support from several crypto groups.
Other amendments deal with sanctions, institutions involved with crypto, and one to re-establish the Justice Department’s National Cryptocurrency Enforcement Team, dismantled last year.
Sharp Divisions
The crypto market structure bill defines how market regulators oversee crypto.
The House passed its version of the bill, called the CLARITY Act, in July.
However, crypto and banking industry executives failed to agree on key provisions related to stablecoins and the involvement of government officials in crypto.
Restrictions on stablecoin yield have also been a contentious issue, with no resolution despite months of negotiations.
A draft version of the bill released on Monday banned third-party platforms from offering stablecoin yield that mirrors traditional bank deposit interest.
The previous markup was indefinitely postponed in January after Coinbase withdrew support citing fatal flaws in the draft bill.
Republicans hold a majority in the Senate and the Senate Banking Committee.
However, some members have refused to support the market structure bill if certain provisions were not added.
Republicans also need Democratic support to pass the bill with a three-fifths majority and avoid a filibuster.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
