Seven Senate Republicans Back Tighter Stablecoin Reward Curbs in CLARITY Act
Summary
- Seven U.S. Senate Republicans were reported to have joined as co-sponsors of an amendment to tighten stablecoin reward restrictions sought by the banking industry.
- Reporter Brendan Pedersen said Republican support may have made it more difficult for the CLARITY Act to secure the 60 votes needed in the Senate.
- Punchbowl News said broad bipartisan support for the amendment aimed at tightening stablecoin reward restrictions marked an important political win for the banking industry.
Forecast Trend Report by Period
Seven Republican U.S. senators have joined as co-sponsors of an amendment to tighten limits on stablecoin rewards, a restriction long sought by the banking industry.
Punchbowl News reporter Brendan Pedersen reported on September 21 that Republican Senator Jerry Moran filed the amendment last week to revise the stablecoin reward restriction provision in the CLARITY Act.
The amendment reflects changes sought by banks, while the crypto industry has strongly opposed the effort.
More than 12 senators signed on as co-sponsors, and half of them were Republicans. They included Susan Collins, Cindy Hyde-Smith, John Curtis, John Cornyn, Lisa Murkowski and Josh Hawley.
Pedersen reported that support from seven Republican senators for tighter stablecoin reward restrictions, a position favorable to banks, suggests the CLARITY Act's path to securing the 60 votes needed in the Senate may have been more complicated than previously understood.
Punchbowl News said the amendment to tighten stablecoin reward restrictions drew little attention during last week's failed procedural vote on the CLARITY Act. Even so, it described the measure's broad bipartisan support as an important political win for the banking industry.
