Senate Banking Committee Begins CLARITY Act Markup Thursday With 100+ Amendments, Warren Files 40+

The Senate Banking Committee is scheduled to begin markup of the CLARITY Act on Thursday (May 15) at 10:30 a.m. EST, with more than 100 amendments filed by lawmakers. According to crypto journalist Eleanor Terrett, Senator Elizabeth Warren submitted more than 40 amendments, including one that would prevent the Federal Reserve from issuing master accounts to crypto companies—accounts that provide direct access to the central bank's payment system.

Meanwhile, Senators Jack Reed and Tina Smith filed an amendment targeting stablecoin yield restrictions and crypto use as legal tender. Banking groups have increased pressure ahead of the markup, with American Bankers Association members sending more than 8,000 letters to Senate offices urging tighter language on stablecoin yields.