Seven GOP Senators Join Forces to Limit Stablecoin Rewards

Seven Republican US senators have joined forces to limit stablecoin rewards, a move strongly opposed by the crypto industry. The amendment, introduced by Senator Jerry Moran, aims to revise the CLARITY Act's provision on stablecoin reward limits.

The banking industry has long sought to restrict stablecoin rewards, and this development marks an important victory for them. According to Punchbowl News, broad bipartisan support for the amendment has complicated the path forward for the CLARITY Act, which requires 60 votes in the Senate.

Twelve senators have signed on as co-sponsors of the amendment, with seven Republicans among them. These Republicans include Senators Susan Collins, Cindy Hyde-Smith, John Curtis, John Cornyn, Lisa Murkowski, and Josh Hawley.