With less than 24 hours before the Senate Banking Committee votes on the Clarity Act, dozens of last-minute amendments have been introduced. The bill would formally legalize most crypto activity in the U.S.
Sen. Jack Reed proposed an amendment on stablecoin yield rewards, backed by the banking industry, forcing a contentious vote. Sen. Elizabeth Warren filed an amendment to block banking applications for institutions tied to President Trump, Vice President, members of Congress, and their families - a clear reference to the Trump family’s World Liberty Financial crypto venture. Sen. Andy Kim introduced an amendment to re-establish a National Cryptocurrency Enforcement Team to investigate crypto ventures linked to the president.
On DeFi, Sen. Kim proposed requiring anti-money laundering and sanctions compliance for firms with significant DeFi revenue. Another amendment from Sen. Reed would eliminate the Blockchain Regulatory Certainty Act (BRCA), stripping DeFi exemptions and developer protections. Sen. Bill Hagerty introduced language to permanently ban a U.S. central bank digital currency (CBDC).
Beyond crypto, Sen. Warren filed an amendment demanding federal banking regulators release all records related to Jeffrey Epstein within 90 days. Other non-crypto amendments include housing deregulation, a 10% cap on credit card interest rates, and increased swipe fees for community banks.