More than 100 amendments have been filed ahead of the Senate Banking Committee’s markup of the CLARITY Act, adding new pressure to the session scheduled for 10:30 AM EST on Thursday. The final total has not been confirmed, but the count could approach or exceed the 137 amendments filed before the committee’s planned January markup, which was later canceled.
Warren files the largest individual batch
Senator Elizabeth Warren submitted more than 40 amendments, the biggest single contribution from any lawmaker. Her proposals span a broad set of restrictions on the crypto sector. One amendment stands out: it would bar the Federal Reserve from granting master accounts to crypto companies. If adopted, that change would keep crypto firms from accessing the core plumbing of the US banking system even if the CLARITY Act otherwise permits them to operate.
Reed and Smith target stablecoin rewards
Senators Jack Reed of Rhode Island and Tina Smith of Minnesota filed an amendment centered on stablecoin yield restrictions. The proposal would add changes requested by the banking industry, focusing on rewards considered “substantially similar” to deposit interest. According to Punchbowl News, the filing is structured to force every senator on the committee to make a public choice between the crypto industry and the banking industry. That creates a difficult vote for Republicans seen as closer to bank interests.
Reed also introduced a separate amendment that would explicitly ban cryptocurrencies from being used as legal tender, including for tax payments made in crypto assets. The measure directly pushes back against a bill introduced last year by Representative Warren Davidson, which would have allowed Bitcoin to be used in that way.
Banking groups add pressure outside the committee room
The amendment push is being matched by lobbying from the banking sector. A source familiar with the effort said members of the American Bankers Association have sent more than 8,000 letters to Senate offices since last Friday, urging lawmakers to tighten the compromise around stablecoin yield rules. The report says there is no separate coordinated phone campaign tied to the effort, but the volume of direct contact in less than a week is notable on its own.
Markup can still move forward, but the path gets narrower
Thursday’s markup now arrives with over 100 proposed changes, a coordinated Democratic strategy aimed at the bill’s most sensitive provisions, thousands of banking lobby letters already in Senate inboxes, and the Reed-Smith amendment hanging over Republican unity. The CLARITY Act could still advance on a party-line vote. Even so, a result that depends only on party support would leave the bill in a weaker position when it faces the 60-vote threshold required for passage by the full Senate.