United States Senators have added more than 75 proposed changes to major cryptocurrency legislation before a critical hearing scheduled for this week, according to documents.
The proposals cover a wide range of topics, from banning returns on stablecoins completely to preventing government officials from making money through cryptocurrency investments. Changes to how digital asset mixing services are classified have also been put forward. Members from both major political parties have submitted these modifications.
US Senators submit updated crypto bill ahead of hearing
The Senate Banking Committee is expected to convene for a markup session on Thursday. Legislators will debate the suggested amendments, cast votes on whether or not to approve any of them, and then determine whether or not the main measure should proceed. A similar meeting had been set by the Senate Agriculture Committee, but it has been rescheduled until the end of January.
Just before midnight on Monday, the Banking Committee’s original legislation became accessible. Legislators and business officials have been attentively examining the specifics since then. Several of the proposed modifications have support from members of both parties. Senators Thom Tillis and Angela Alsobrooks have jointly submitted three changes.
Two of those changes focus on the part of the bill dealing with stablecoin rewards. One would take out the word “solely” from the current language, which states that “a digital asset service provider may not pay any form of interest or yield (whether in cash, tokens, or other consideration) solely in connection with the holding of a payment stablecoin.”
Their other proposal would change reporting rules and introduce risk guidance requirements for yield payments. Several additional proposed modifications also target the stablecoin rewards section, with some aiming to remove yield payments altogether. During typical congressional markup sessions, most proposed amendments fail to pass, and others could also be withdrawn.
