Clarity Act amendments would remake key parts of crypto bill but have doubtful future
The U.S. crypto market structure bill is being targeted with dozens of amendments aiming to change or add to the text as its Senate hearing approaches.
What to know:
- The crypto market structure bill’s hearing in the Senate Banking Committee this week will consider a long list of amendments, virtually all of which won’t have a chance of incorporation into the Clarity Act that’s expected to advance with the committee’s approval.
- The proposals — many of them from Democrats who have been critical of the bill — seek to erase or revise significant portions of the legislation that’s been negotiated by lawmakers from both parties.
- Even a reference to Jeffrey Epstein made the list among dozens of amendments.
Lawmakers have pushed forward a range of proposed changes for the market structure bill as it approaches the hearing known as a “markup,” from amendments that would establish government-ethics rules to others setting safe harbors for developers to one that would cut out a must-have protection for the decentralized finance (DeFi) sector, plus a number of other smaller, technical adjustments.
The list is particularly dominated by a few lawmakers’ names, including Democratic Senators Elizabeth Warren and Jack Reed. Their items are expected to be a rhetorical wish list as other members of the committee — mostly Republicans — seek to advance the bill without significant overhauls.
Each amendment will be discussed during the hearing and will eventually receive a vote, unless they’re withdrawn. A simple majority will be needed to adopt or reject an amendment. Eventually, the Banking Committee will vote to advance the bill itself.
