Warren files 40+ amendments before CLARITY Act markup

Members of the Senate Banking Committee filed more than 100 amendments to the CLARITY Act on the eve of Thursday’s markup in Washington. The committee released an expanded 309-page draft on Tuesday, up from a 278-page version in January.

Sen. Elizabeth Warren submitted more than 40 amendments, according to committee filings. One of her proposals would bar the Federal Reserve from providing master accounts to crypto firms.

Sen. Jack Reed submitted an amendment that ‘prohibits crypto from being used as legal tender, for example, to pay taxes.’ Reed and Sen. Tina Smith also filed an amendment to adopt banks’ proposed revisions to limits on stablecoin yields.

The amendment list includes dozens of filings from Democrats and a smaller number from the bill’s Republican sponsors. Committee members previously filed 137 amendments ahead of a planned markup in January.

Industry and banking groups increased outreach to Senate offices in recent days. The American Bankers Association sent more than 8,000 letters to Senate offices since last Friday, focused on a compromise on stablecoin yield limits negotiated by Sens. Thom Tillis and Angela Alsobrooks.

The CLARITY Act would establish a federal regulatory framework for cryptocurrencies and stablecoins and define the roles of regulators such as the Securities and Exchange Commission and the Commodity Futures Trading Commission. The expanded draft adds more detailed provisions, though the text of many new sections has not been finalized publicly.

During Thursday’s markup, senators will debate and vote on each amendment and on whether to advance the bill to the full Senate. If the committee approves the draft, it would move to the Senate floor for further debate and possible amendments.