On the eve of the Senate hearing, over 100 amendments to the "Clarity Act" have been proposed... The conflict over stablecoins has intensified.

The deadline for submitting amendments to the U.S. Senate Banking Committee’s “CLARITY Act” has passed, and the political battle over virtual asset regulation has further intensified. It is reported that over 100 amendments have been submitted, and the contentious points that hinder the bill’s passage in the full Senate have become clearer.

According to Eleanor Tretter, a cryptocurrency journalist, on the 13th local time, the final count of submitted amendments has not yet been determined, but it may approach or exceed the 137 amendments submitted before the draft review planned for January last year, which was ultimately canceled. Draft review is the process of refining the bill’s language and submitting it for a vote. The schedule for this will begin at 10:30 a.m. Eastern Time on the 14th.

Warren submits an amendment to prevent virtual asset companies from “entering the banking system”

Democratic Senator Elizabeth Warren alone submitted over 40 amendments, launching the most aggressive push. The core content is to prevent the Federal Reserve from issuing “main accounts” to virtual asset companies. Main accounts are channels directly connected to the core infrastructure of the U.S. financial system. If this clause passes, regardless of the scope permitted by the “CLARITY Act,” the pathway for virtual asset companies to access the banking system could effectively be cut off.

Warren’s amendments focus on strengthening regulation across the industry, with some analysts believing this could fundamentally undermine the bill’s generally lenient tone.

Reed-Smith Amendment, applying “two options” pressure on Republicans

The amendments proposed by Rhode Island Senator Jack Reed and Minnesota Senator Tina Smith are also quite influential. This amendment reflects the banking industry’s demand for changes to stablecoin yield restrictions, targeting returns that are “substantially similar” to deposit interest. According to Punchbowl News, a political professional media outlet, this amendment aims to force senators to publicly choose “whether they stand with the virtual asset industry or the banking industry.”

Reed, through another separate amendment, explicitly prohibits the use of virtual assets as legal tender and bans the use of virtual assets for tax payments. This is completely contrary to last year’s bill proposed by Representative Warren Davidson, which aimed to allow Bitcoin (BTC) payments.

The banking industry also launched a full-scale offensive… submitting over 8,000 letters

The controversy is not only happening within Congress. The banking industry has also increased behind-the-scenes pressure. According to insiders, since last Friday, members of the American Bankers Association (ABA) have sent over 8,000 letters to Senate offices, urging stricter adjustments to stablecoin yield limits. Although there has been no collective call campaign, such a large-scale direct outreach within less than a week is considered unusual.

Ultimately, this draft review is not just a simple legislative amendment process but a test of the influence clash between the virtual asset industry and the banking sector. Even if the Republican Party pushes it through party lines, progress can be made, but if it becomes a partisan vote, it may struggle to surpass the 60-vote threshold needed for full Senate passage.

This vote not only determines the future of the “CLARITY Act” but is also seen as a watershed moment for the direction of U.S. virtual asset regulation. Especially as conflicts over “stablecoins” and banking access intensify, whether the bill can maintain a market-friendly framework is highly watched.

Article summary by TokenPost.ai 🔎 Market analysis: With over 100 amendments to the “CLARITY Act,” debates over U.S. virtual asset regulation have entered a political confrontation stage. Particularly, conflicts between the cryptocurrency industry and traditional finance over stablecoin regulation and banking access are becoming increasingly publicized. 💡 Strategic key points: The key variable for the bill’s passage is whether it can secure “bipartisan support.” While Republicans can push the bill through the committee unilaterally, it will be difficult to surpass the 60-vote threshold in the full Senate. From an investor perspective, attention should be paid to stablecoin yield restrictions and banking access regulation, as these will directly impact future market liquidity. 📘 Terminology explanations: Main account: An account directly connected to the Federal Reserve, serving as a channel for financial institutions to access core infrastructure. Stablecoin: A cryptocurrency pegged to the value of fiat currencies like the US dollar. Draft review: The process of amending and refining the bill’s language before voting. 💡 Frequently Asked Questions (FAQ)

Q. What is the biggest point of contention in the “CLARITY Act”? The core dispute lies in the regulation of stablecoins and whether cryptocurrency companies can access the banking system. Especially, whether they are allowed to obtain Federal Reserve main accounts will be a key factor in determining industry development and regulatory strength. Q. Why do conflicts arise between the banking industry and the cryptocurrency sector? Because stablecoins function similarly to bank deposits, creating competition. The banking industry seeks to restrict stablecoin yield structures, while the crypto industry demands more free financial access, leading to a direct conflict of interests. Q. What impact might this vote have on the market? It depends on the direction of the bill; the growth potential of stablecoins and market liquidity could change significantly. If regulation tightens, related companies and DeFi markets may shrink; conversely, if regulation relaxes, increased institutional capital inflows are possible.

TP AI notes: This article uses a language model based on TokenPost.ai for summarization. The main content may be incomplete or may differ from actual facts.