Members of the Senate Banking Committee have filed more than 100 proposed amendments to the Digital Asset Market Clarification Act, according to. Politics reporting. The panel is expected to meet Thursday for a long-awaited vote that crypto and industry leaders say could overhaul regulation of digital assets in the United States.
The committee has scheduled its main meeting at 10:30 a.m. on May 14 in Room 538 of the Dirksen Senate Office Building in Washington, DC, where lawmakers will debate amendments and vote on whether to send the bill to the full Senate floor.
A flood of filings followed the release of a revised 309-page draft of the bill earlier this week, expanded from a 278-page version proposed in January.
Senator Elizabeth Warren leads the opposition, which has introduced more than 40 amendments on her own, with a number of proposed changes from members of the Democratic Banking Committee.
The wave of filings reflects the January markup session, which produced 137 amendments before that session was canceled, showing that resistance to the bill remains strong as its supporters seek a final vote.
At the heart of the dispute is how the bill handles stablecoin yield products – crypto that offers returns to owners. Banking groups argue that such crypto products threaten traditional deposit bases; Crypto firms argue that rewards programs support money and customer activity without acting like a bank deposit.
The American Bankers Association has sent more than 8,000 letters to Senate offices since last Friday, targeting the stablecoin yield compromise issued by Senators Thom Tillis and Angela Alsobrooks. That agreement, reached after months of negotiations, prevents stablecoin issuers from paying interest or yield to users who passively hold tokens, while maintaining a separate set of rewards associated with real platform transactions and payment activity.
Senators Jack Reed and Tina Smith have introduced amendments to further strengthen those standards, targeting products that generate returns similar to regular interest-bearing deposit accounts.
The banking platform maintains the existing consensus language while still leaving room for stablecoin platforms to replicate high-savings products without meeting the bank’s regulatory requirements.
Provision of Senate rules and protection of engineers
Senator Chris Van Hollen has introduced a proposal that would prevent senior government officials and their families from owning or developing crypto-related businesses – a demand that Democrats say is non-negotiable given President Trump’s close ties to the crypto industry.
Republican sponsors opposed the provision, warning that ethics riders could break the coalition needed for the bill to proceed.
The latest draft of the bill already includes language that protects unauthorized developers from being classified as remittance businesses, a protection that has been repeatedly extended to address past conduct.
Comprehensive statistics of the crypto industry
The CLARITY Act, officially HR 3633, passed the House on July 17, 2025, by a vote of 294-134 before stalling in the Senate with two canceled markup sessions and prolonged stablecoin negotiations.
At its core, the bill would draw a clear legal line between the Securities and Exchange Commission and the Commodity Futures Trading Commission, ending years of enforcement-based policymaking that left crypto firms operating in legal limbo.
Forecast markets have priced the odds of the bill becoming law by 2026 at about 60%, the highest level in months, with the White House setting a July 4 target for the president’s signature.
Committee Chairman Tim Scott originally targeted a Senate vote in September 2025, then pushed that deadline out a year, and recently said he hopes to reach a full Senate vote in June or July 2026.
Thursday’s mark is the first formal committee vote on the bill in the Senate, and its outcome will determine whether that deadline is still within reach.
