Odaily Planet News: As the Senate Banking Committee hearing approaches, U.S. cryptocurrency legislation has entered its "final sprint." Currently, the bill has over 70 proposed amendments, and disagreements over stablecoin yields and DeFi regulation are rapidly intensifying. The cryptocurrency industry, banking lobbying groups, and consumer protection organizations have all become fully involved.
The Senate will revise and vote on the bill on Thursday. The bill aims to clarify the regulatory boundaries between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC), define the attributes of digital assets, and introduce new disclosure requirements.
On Monday, committee chairman Tim Scott released the 278-page bill text, after which lawmakers from both parties submitted numerous amendments. Some of the proposals involve granting the Treasury Department the authority to impose sanctions on the "distributed application layer," while other amendments focus on stablecoin revenue issues, becoming the current major point of contention.
Coinbase CEO Brian Armstrong stated that his initiative, Stand With Crypto, will score the revised vote scheduled for Thursday, saying it will test whether senators stand "on the side of bank profits or on the side of consumer rewards." Industry insiders noted that while the bill still has momentum, its final direction remains highly uncertain.