Lawmakers propose sweeping changes to crypto legislation, including ethics rules and developer protections, ahead of Senate Banking Committee markup.
Senators have filed more than 100 amendments to a pending cryptocurrency bill, signaling potential delays and contentious debate. Key proposals include barring top officials and lawmakers from owning or promoting crypto assets, alongside protections for software developers from money transmitter registration requirements.
The amendments reflect deep divisions over regulatory scope, with Democrats pushing for stricter oversight and some Republicans threatening to withhold support without concessions. The bill requires a three-fifths majority to advance, necessitating bipartisan compromise.
Proposals also target sanctions enforcement, institutional crypto engagement, and restoring a disbanded Justice Department crypto enforcement team. The Senate Banking Committee, controlled by Republicans, will debate the changes in an upcoming markup session.