Senate encryption bill enters critical phase, with a surge in amendments and intensifying lobbying efforts.
TL;DR
The US Senate crypto bill is in its final stage with over 70 amendments, focusing on stablecoin yields and DeFi regulation. A vote on Thursday will test industry and consumer interests amid high uncertainty.
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According to Odaily Odaily, with the Senate Banking Committee hearing approaching, US crypto legislation has entered its final stage. The bill has now seen over 70 amendments, and disagreements surrounding stablecoin yields and DeFi regulation are rapidly escalating, with the crypto industry, banking lobbying groups, and consumer protection organizations all fully involved.
The Senate will amend and vote on the bill on Thursday. The bill aims to clarify the regulatory boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), define the attributes of digital assets, and introduce new disclosure requirements.
Committee Chairman Tim Scott released the 278-page bill text on Monday, after which lawmakers from both parties submitted numerous amendments. Some proposals involve granting the Treasury Department the power to impose sanctions on "distributed application layers," while other amendments focus on stablecoin yields, which has become the biggest point of contention.
Coinbase CEO Brian Armstrong stated that his Stand With Crypto initiative will score Thursday's amendment vote, saying it will test whether senators "stand on the side of bank profits or on the side of consumer rewards." Industry insiders point out that while the bill still has momentum, its final outcome remains highly uncertain.