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The U.S. Senate Banking Committee updates the Crypto Market Structure Act text to include stablecoin rewards and DeFi developer provisions
Deep Tide TechFlow news. On May 12, according to The Block, the U.S. Senate Banking Committee released an updated 309-page 《Clarity Act》 text, which is set to be considered and voted on later this week. The new text includes revised wording regarding restrictions related to stablecoin rewards, as well as provisions from the 《Blockchain Regulatory Certainty Act》, clarifying that non-custodial developers are not considered money transmitters. Coinbase, which previously pulled its support over controversy surrounding the stablecoin reward provisions, has now switched to supporting the bill, but banking industry groups still believe the restrictions are insufficient. At the same time, the bill has not yet included ethical constraints on the President and other federal officials benefiting from digital assets, and Democrats say the bill will be difficult to get support for without such compromises.