More than 75 amendments have been filed by U.S. senators ahead of a Thursday markup hearing on landmark crypto market structure legislation, according to documents obtained by Yahoo Finance. The amendments span issues including stablecoin yields, DeFi provisions, and ethics concerns tied to public officials’ crypto interests.
The Senate Banking Committee is scheduled to debate and vote on the proposed amendments during Thursday’s hearing. Lawmakers will also determine whether to advance the underlying bill following the discussion. A parallel hearing from the Senate Agriculture Committee was rescheduled to late January.
The base text of the Banking Committee’s bill was released late Monday, giving lawmakers and lobbyists limited time to review the details before filing amendments. The amendments have come from senators representing both Republican and Democratic parties.
Several amendments target the stablecoin rewards section of the draft legislation. Senators Thom Tillis and Angela Alsobrooks jointly proposed amendments to modify language around yield payments on payment stablecoins. One amendment would remove the word “solely” from text that currently restricts digital asset service providers from paying interest or yield in connection with holding a payment stablecoin.
Another amendment would modify reporting requirements and add risk guidance for yield products. Multiple other proposed amendments similarly address stablecoin rewards, with some seeking to eliminate yield entirely from the framework.
Democratic senators who filed amendments include Ruben Gallego, Angela Alsobrooks, Lisa Blunt Rochester, Jack Reed, Andy Kim, Raphael Warnock, Catherine Cortez Masto, Elizabeth Warren and Chris Van Hollen. Republican filers include Thom Tillis, Mike Rounds, Bill Hagerty, Pete Ricketts, Katie Britt, John Kennedy, Cynthia Lummis, Kevin Cramer and Tim Scott.
A Democratic aide told CoinDesk that negotiations around ethics provisions are ongoing, but no agreement has been reached. The aide described ethics as “one of a couple sticking points” in the talks.
In typical congressional markups, most amendments fail to advance. Many may also be dropped following deals negotiated during the hearing. Industry observers expect the vast majority of this lengthy amendment list to be eliminated during the process.
The markup hearing represents a significant milestone for comprehensive U.S. crypto legislation, which has faced repeated delays and regulatory uncertainty over recent years.
The outcome of Thursday’s amendment debate will shape the final form of the bill as it moves through the legislative process.
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