U.S. Senate Banking Committee Updates Text of Digital Asset Market Structure Bill to Include Stablecoin Rewards and DeFi Developer Provisions
According to The Block, the U.S. Senate Committee on Banking has released an updated 309-page version of the Clarity Act, scheduled for review and vote later this week. The new text includes language restricting stablecoin rewards and incorporates provisions from the Blockchain Regulatory Certainty Act, clarifying that non-custodial developers are not considered money transmitters. Coinbase—which had previously withdrawn its support due to controversy over the stablecoin rewards provision—has now reversed its position and endorsed the bill; however, banking industry groups still deem the restrictions insufficient. Meanwhile, the bill still lacks ethics-related provisions targeting digital asset-related benefits received by the President and other federal officials. Democratic lawmakers have stated that, absent such compromises, the bill is unlikely to gain their support.
