CLARITY Act Faces Democratic Opposition with Crypto-Focused Amendments

The CLARITY Act, a significant piece of cryptocurrency legislation, is heading to markup buried under more than 100 amendments—many targeting digital asset regulations. Committee Democrats, led by Senator Elizabeth Warren, have filed dozens of changes aimed at stablecoin yield restrictions, software developer protections, and conflicts of interest involving the president.

Warren’s amendments include a provision to bar the Federal Reserve from granting master accounts to crypto firms, an ethics package focused on Trump-family business interests, and even a proposed cap on credit card interest rates. The senator criticized the bill, stating it 'puts investors, our national security, and our entire financial system at risk,' while highlighting alleged crypto-related gains by the Trump family.

Republicans, who control the committee, have proposed mostly minor edits. The draft legislation spans 309 pages, with Bloomberg estimating the Trump family has realized at least $1.4 billion in crypto-related gains since the inauguration.