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Senate Banking Panel Revises "Clarity Act" Crypto Market Structure Bill, Adding Stablecoin Rewards Limits and DeFi Language

The U.S. Senate Banking Committee has released an updated 309-page version of the Clarity Act ahead of a scheduled review and vote later this week, according to The Block. The revised draft introduces limits on stablecoin rewards and incorporates elements of the Blockchain Regulatory Certainty Act, stating that noncustodial developers are not money transmitters. Coinbase, which had previously pulled its backing amid disputes over the stablecoin rewards language, has now returned to supporting the measure. Banking groups continue to argue the restrictions do not go far enough. The bill still leaves out ethics rules aimed at preventing presidents and other federal officials from benefiting from digital assets, and Democrats say the legislation will face difficulty attracting support without concessions on that issue.
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