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US lawmakers have submitted more than 75 amendments to the crypto market structure bill ahead of a Senate Banking Committee hearing. The proposals cover issues ranging from stablecoin rules to ethics standards for public officials, according to a document obtained by CoinDesk.
This crypto bill is intended to establish clear rules for digital asset markets, which have expanded rapidly without consistent oversight. It sets out who will regulate different aspects of the industry, how companies are expected to operate, and what protections consumers can expect.
The release of the base text late at night prompted immediate review by lawmakers, aides, and lobbyists, who examined it closely for potential issues. Following its publication, senators from both parties quickly submitted amendments before the deadline, resulting in one of the most heavily revised crypto bills to date.
Crypto regulation has emerged as an area where both Republicans and Democrats recognise the need for clearer rules, even if they differ on specifics. Bipartisan backing is essential, since without its legislation is unlikely to advance, and laws supported across party lines are more likely to remain in place over time.
Senators from both parties filed amendments to the crypto bill. On the Democratic side, contributors included Ruben Gallego, Angela Alsobrooks, Lisa Blunt Rochester, Jack Reed, Andy Kim, Raphael Warnock, Catherine Cortez Masto, Elizabeth Warren, and Chris Van Hollen. Republican senators who submitted proposals were Thom Tillis, Mike Rounds, Bill Hagerty, Pete Ricketts, Katie Britt, John Kennedy, Cynthia Lummis, Kevin Cramer, and Tim Scott.
The draft legislation limits crypto service providers from offering interest or yield solely for holding payment stablecoins, and the inclusion of the word “solely” has become a point of contention. If that word were removed, the restriction could broaden significantly, potentially blocking a wider range of reward structures. This small change carries major implications for how stablecoin-related services might operate.
Some senators are pushing to ban stablecoin yields, arguing they resemble unregulated banking and could expose consumers to risks they may not fully understand. A complete ban would affect decentralised finance by limiting innovation and potentially driving users to offshore platforms, while supporters believe such restrictions are necessary to safeguard ordinary investors.
Some amendments focus on requiring clearer risk disclosures rather than banning stablecoin yields outright. The aim is to ensure users have enough information to make informed choices. However, these measures would increase reporting obligations, which could raise compliance costs. Smaller start-ups may find this challenging, while larger firms might be better positioned to handle the requirements and benefit from the added transparency.
Ethics concerns remain central to the debate over the crypto bill, with Democrats focused on the risk of public officials benefiting financially while influencing regulations. Attention has also been drawn to Donald Trump and his family’s connections to crypto, keeping questions about conflicts of interest in the spotlight and prompting calls for stronger safeguards.
Senator Chris Van Hollen has put forward amendments focused on preventing corruption, requiring public officials to disclose any financial interests connected to crypto. The aim is to make potential conflicts of interest visible early, reducing the risk of them developing into larger problems.
Senator Ruben Gallego, who has been central to discussions on ethics, has not yet submitted a specific amendment on the issue, indicating that talks are still ongoing. An aide confirmed that ethics provisions remain unsettled, underscoring how significant parts of the legislative process continue behind closed doors.
Lisa Blunt Rochester has proposed an amendment addressing quorum rules, aimed at ensuring regulatory agencies maintain bipartisan leadership. The idea is that balanced commissions can provide consistency, reduce sudden shifts in policy, and strengthen public trust—an important consideration for markets as unpredictable as crypto.
The Senate Banking Committee will hold a hearing on Thursday to debate and vote on the proposed amendments, determining which ones move forward and which are set aside. Later in January, the Agriculture Committee will conduct its own hearing, adding further review to the legislation.
Many of the proposed amendments serve more as negotiation tools than as genuine policy efforts, and most will not advance. In the markup process, compromises are common, and only the amendments with broad support are likely to remain part of the final bill.
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