Senators File 75 Amendments Ahead of Major Crypto Bill Votes
- Senators filed over 75 amendments as a major crypto bill heads into a pivotal Senate markup.
- Amendments target stablecoin yields, DeFi rules, ethics concerns, and oversight gaps.
- Ethics, quorum rules, and Trump-linked concerns surface as bipartisan talks near markup.
U.S. senators have proposed more than 75 amendments to a major crypto market structure bill ahead of a key Senate hearing this week. The proposals arrive as lawmakers prepare for a markup session that could shape the future of U.S. crypto regulation.
According to a document obtained by CoinDesk, senators from both parties submitted amendments before Tuesday’s deadline. The changes cover stablecoin yield rules, DeFi language, ethics standards, and oversight of crypto-related activity.
The Senate Banking Committee plans to hold its markup hearing on Thursday. Lawmakers will debate the amendments, vote on individual changes, and decide whether to advance the main bill. Meanwhile, the Senate Agriculture Committee rescheduled its own markup session to late January.
Lawmakers released the base text of the Banking Committee bill late Monday night. Since then, senators, staff, and industry lobbyists have reviewed the language in detail.
Stablecoin Yield and DeFi Provisions in Focus
Several amendments target stablecoin rewards and yield provisions in the draft bill. Some proposals seek to limit how companies can offer yield on payment stablecoins. Others aim to remove yield entirely from the framework. Senators Thom Tillis and Angela Alsobrooks jointly proposed three amendments. Two of those focus directly on stablecoin yield language.
One amendment would remove the word “solely” from a key restriction in the bill. The current text bars service providers from paying yield solely for holding a payment stablecoin. Removing that term could widen the restriction’s scope.
Another proposal from the same group would adjust reporting rules for yield programs. It would also add risk guidance requirements for companies offering such products. Several additional amendments from other senators also challenge the stablecoin rewards section.
Some proposals seek clearer definitions around digital asset mixers and tumblers. Others address how decentralized finance activities fall under the bill. Despite the large number of filings, most amendments may never reach a vote. In typical congressional markups, lawmakers drop many proposals during negotiations. Deals made during the session often narrow the list significantly.
Ethics, Oversight, and Political Tensions
Ethics concerns continue to shadow the crypto bill discussions. Democrats earlier raised objections related to President Donald Trump’s family ties to crypto businesses. They outlined these concerns in a document released last fall. So far, no amendment directly addresses those concerns in explicit terms.
Senator Ruben Gallego reportedly helped lead ethics negotiations. However, none of his submitted amendments focus clearly on that issue. Still, Senator Chris Van Hollen proposed an amendment with an anti-corruption provision. He also filed a separate amendment requiring disclosures of financial interests.
A Democratic aide said that ethics talks remain ongoing. The aide said no agreement has emerged yet. They described ethics as one of several unresolved issues in negotiations. Meanwhile, Senator Lisa Blunt Rochester filed an amendment on quorum requirements. Her proposal reflects concerns about leadership at federal regulatory agencies.
Related: Senate Committees Set Jan. 15 Votes on Crypto Market Rules
Democrats note that the Securities and Exchange Commission and Commodity Futures Trading Commission lack Democratic commissioners. Both agencies currently operate under Republican leadership only. The amendment seeks to address that imbalance through quorum rules.
According to the document, several Democratic senators filed amendments. They include Gallego, Alsobrooks, Blunt Rochester, Jack Reed, Andy Kim, and Raphael Warnock. Catherine Cortez Masto, Elizabeth Warren, and Chris Van Hollen also submitted proposals.
On the Republican side, multiple senators filed amendments as well. They include Tillis, Mike Rounds, Bill Hagerty, Pete Ricketts, and Katie Britt. John Kennedy, Cynthia Lummis, Kevin Cramer, and Tim Scott also participated.
As the markup approaches, the fate of most amendments remains uncertain. Lawmakers now face intense negotiations ahead of Thursday’s session. The outcome could define the final shape of U.S. crypto market regulation.
