US Senate Republicans release new crypto bill text ahead of critical vote

On September 14, U.S. Senate Republicans unveiled a revised draft of key cryptocurrency legislation, the Clarity Act, aimed at addressing concerns from both Democrats and the banking industry. The bill, which would establish a regulatory framework for cryptocurrencies, had been stalled due to disputes over insufficient ethical provisions and potential risks to the banking system.

Republican senators Cynthia Lummis, John Boozman, and Tim Scott confirmed that the new text incorporated 126 changes requested by Democrats. However, the bill's progress remained uncertain as the banking industry remained opposed to the text. Democrats held a call on Sunday night to discuss the revised version, while it remained unclear if the new language would sway any votes.

Lummis emphasized that Democrats received what they wanted, and now they needed to support the bill. The revised version also aimed to tackle banking sector concerns regarding stablecoins competing with bank deposits. Despite these changes, the banking industry expressed doubts about the bill's ability to prevent deposit flight and hinder credit extension to customers.