According to The Block, the U.S. Senate Banking Committee released an updated 309-page text of the Clarity Act, which is scheduled for consideration and voting later this week. The new text includes language imposing restrictions on stablecoin rewards, as well as provisions from the Blockchain Regulatory Certainty Act, clarifying that non-custodial developers are not money transmitters. Coinbase, which had previously withdrawn its support due to controversy over stablecoin reward provisions, has now shifted to support the bill, though banking groups still consider the restrictions insufficient. Meanwhile, the bill still does not include ethical constraints on presidents and other federal officials benefiting from digital assets; Democrats have indicated that without related compromises, the bill will struggle to gain support.
U.S. Senate Banking Committee Updates Crypto Market Structure Bill with Stablecoin Rewards and DeFi Provisions
TechFlowShare
Summary
The U.S. Senate Banking Committee has released a revised 309-page version of the Clarity Act, with a vote expected this week. The updated bill includes stablecoin reward limits and DeFi provisions from the Blockchain Regulatory Certainty Act, exempting non-custodial developers from money transmitter status. Coinbase has re-endorsed the bill despite earlier concerns, but banking groups say the changes do not go far enough. The measure still leaves digital asset profits for officials unregulated, with Democrats warning of stalled progress without further compromise. The crypto market response remains mixed amid ongoing regulatory uncertainty, with the Fear & Greed Index reflecting shifting sentiment.
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