The CLARITY Act is set to face a crowded markup in the Senate Banking Committee on Thursday, with over 100 amendments filed by lawmakers. The amendment process has added pressure to the bill, which seeks to balance the interests of crypto firms and banking groups.
According to sources, American Bankers Association members have sent more than 8,000 letters to Senate offices since Friday, urging lawmakers to tighten the stablecoin yield compromise.
The amendments filed by Senator Elizabeth Warren cover several areas of the digital asset sector, including the relationship between crypto companies and the Federal Reserve system. One amendment would prevent the Federal Reserve from issuing master accounts to crypto companies, limiting their access to core banking channels.