U.S. Clarity Act draft bill has received over 100 amendments.
The anticipated bill bringing rules for the digital asset and crypto innovation in the U.S. has received a long list of amendments from Senators a day before the markup.
Key provisions on DeFi, tokenization of securities, stablecoin yield, as well as other policymaking amendments are to be reviewed.
There were many new amendments submitted prior to the Thursday vote, even after the main stage stablecoin yield negotiations have ended according to Politico and DeFi Education Fund. For big platforms like Aave, this is a crucial development for future innovation.
Guaranteeing the safety of developer contributions for non-custody related software projects, as well as improved KYC/AML guidelines for front-ends are going to be issues raised.
Other suggestions specifically for DeFi focus on what counts / determines a significant type of control, especially in the context of decentralized protocols.
Things like ensuring the U.S. keeps its jurisdiction of payment stablecoins and updating the Genius Act technical implementations set out a year ago are present.
There is a clear push on even more prohibition on rewards or yield, along with an updated “substantially similar” test and not “equivalence” for determining if such schemes mirror interest on banking deposits as recently proposed by the wider banking lobby.
Additionally, prediction markets are brought up – specifically for any government-elected officials, as well as an attempt to pass through the Prediction Market Act.
CEO of Coinbase Brian Armstrong was also seen making conversations with Senators in order to get as much support for the bill in Washington. Back in January, it was Coinbase that decided to pull initial support after talks on stablecoin yield fell through.
