- Seven Republican senators were reported to have joined as co-sponsors of an amendment to tighten limits on stablecoin rewards sought by the banking industry.
- The amendment would revise the stablecoin reward limits provision of the CLARITY Act, a change strongly opposed by the crypto industry.
- Punchbowl News said broad bipartisan support for the amendment to tighten stablecoin reward limits marked an important political win for the banking industry.
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Seven Republican US senators have signed on as co-sponsors of an amendment that would 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 last week introduced an amendment to revise the CLARITY Act’s provision on stablecoin reward limits.
The amendment reflects changes sought by banks and strongly opposed by the crypto industry.
More than 12 senators signed on as co-sponsors, with Republicans making up half of them. Those Republicans include Susan Collins, Cindy Hyde-Smith, John Curtis, John Cornyn, Lisa Murkowski and Josh Hawley.
Pedersen reported that support from seven Republican senators for tougher bank-backed limits on stablecoin rewards suggests the CLARITY Act’s path to the 60 votes needed in the Senate may have been more complicated than previously understood.
Punchbowl News said the amendment drew little attention during last week’s failed procedural vote on the CLARITY Act. Still, it said broad bipartisan support for tighter stablecoin reward limits marked an important political win for the banking industry.
Read More: Seven Senate Republicans Back Bank-Favored Stablecoin Reward Curbs,
