Lawmakers propose sweeping changes to the CLARITY Act ahead of markup, including restrictions on Fed accounts and crypto as legal tender.
The U.S. Senate Banking Committee has received over 100 amendments to the CLARITY Act, a crypto market structure bill, before its markup vote. Senator Elizabeth Warren alone submitted more than 40 amendments, one targeting the Federal Reserve’s ability to grant master accounts to crypto firms.
Among the proposals, Senator Jack Reed seeks to ban cryptocurrencies as legal tender, including prohibiting tax payments in digital assets. The amendments reflect deep divisions over regulatory approaches to the crypto sector.
No immediate market reaction was reported, but the volume of amendments signals potential delays or significant revisions to the bill.