How Banks Won A Quiet Victory Before CLARITY Act Even Failed

A quietly filed amendment to the CLARITY Act suggests Republican support for the bill was more fractured than initially understood. Senator Jerry Moran (R-Kan.) submitted an amendment aimed at tightening stablecoin yield restrictions, a change requested by banking industry advocates and strongly opposed by the crypto industry. The amendment picked up more than a dozen co-sponsors, including seven Republicans, among them Senators Susan Collins (Maine) and Cindy Hyde-Smith. That level of GOP support for a bank-favored provision further complicates the path to the 60 votes needed for the bill to advance, revealing internal Republican disagreement that went largely unnoticed amid last week’s failed vote.