Senate Crypto Bill Enters Critical Moment, Amendments Surge, Lobbying War Heats Up

Odaily News As the Senate Banking Committee hearing approaches, U.S. crypto legislation has entered a "sprint phase." The bill currently has over 70 amendments, with disagreements over stablecoin yields and DeFi regulation rapidly intensifying. The crypto industry, banking lobby groups, and consumer protection organizations are all fully engaged.

The Senate will amend and vote on the bill on Thursday. The bill aims to clarify the regulatory boundaries between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), define the nature of digital assets, and introduce new disclosure requirements.

Committee Chairman Tim Scott released the 278-page bill text on Monday, followed by a large number of amendments submitted by lawmakers from both parties. Some proposals involve granting the Treasury Department the power to impose sanctions on the "distributed application layer," while other amendments focus on the issue of stablecoin yields, which has become the biggest point of contention.

Coinbase CEO Brian Armstrong stated that the Stand With Crypto initiative he launched will score Thursday's amendment vote, saying it will test whether senators "side with bank profits or consumer rewards." Industry insiders point out that while the bill still has momentum, its final direction remains highly uncertain.