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The U.S. Senate Banking Committee has received more than 100 amendments ahead of its markup vote on the CLARITY Act, the long-awaited crypto market structure bill, according to Politico.
Crypto journalist Eleanor Terrett disclosed that Senator Elizabeth Warren alone filed over 40 amendments, including one aimed at preventing the Federal Reserve from granting master accounts to crypto companies. Senator Jack Reed proposed explicitly banning cryptocurrencies from being used as legal tender, including prohibiting tax payments in digital assets.
Why it matters
A bill drawing this many amendments is a bill still being defined. The CLARITY Act is the legislative vehicle that would finally settle the SEC-CFTC jurisdictional split over digital assets — every amendment is a faction trying to shape the final product. Warren's amendment count alone signals a coordinated push to harden the bill against the crypto industry rather than accommodate it.
Market impact
The Warren master-account amendment is the one market participants will watch most closely. Fed master accounts give depository institutions direct access to the Federal Reserve's payment system; blocking them for crypto companies would deny US-licensed crypto banks a foundational piece of infrastructure their TradFi peers take for granted. The Reed amendment on legal tender status is more symbolic but reinforces a stance that could complicate any state-level stablecoin or CBDC adoption efforts down the line.
Frequently asked questions
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What is the CLARITY Act?
The CLARITY Act is the U.S. crypto market structure bill now under markup by the Senate Banking Committee. It is the legislative vehicle meant to settle the jurisdictional split between the SEC and CFTC over digital assets.
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How many amendments were filed to the CLARITY Act?
Committee members submitted more than 100 amendments ahead of the markup vote, according to Politico. Senator Elizabeth Warren alone filed over 40, per crypto journalist Eleanor Terrett.
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What did Warren's master-account amendment propose?
The amendment aims to prevent the Federal Reserve from granting master accounts to crypto companies. Master accounts give depository institutions direct access to the Fed's payment system.
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What did Jack Reed's legal-tender amendment propose?
Senator Jack Reed proposed explicitly banning cryptocurrencies from being used as legal tender, including prohibiting tax payments in digital assets.
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Why does the amendment count matter?
A bill drawing more than 100 amendments is still being defined. Each amendment reflects a faction trying to shape the final product, and the sheer volume signals significant unresolved policy fights before any floor vote.
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