US Senate Republicans Revamp Crypto Bill Amid Banking Industry Concerns

U.S. Senate Republicans have released a revised draft of major cryptocurrency legislation known as the Clarity Act, which aims to create a regulatory framework for cryptocurrencies.

The bill has stalled in the past due to concerns among Democrats and some Republicans that it had insufficient ethics and illicit finance safeguards, as well as worries from the banking industry about lending competition.

According to the source, the revised draft includes 126 substantive changes made at the request of Democrats, with stronger language banning public officeholders from profiting off their own crypto ventures.

The new text also gives state attorneys general more power to enforce restrictions on public officials' cryptocurrency investments.

While some in the banking industry remain opposed to the bill due to concerns about stablecoins competing with bank deposits, a group of bank trade groups has urged Congress to consider targeted changes to address these issues.