Senate crypto bill nears crunch time as amendments pile up, lobbying intensifies ahead of Senate Banking Committee hearing

The Senate Banking Committee is approaching a pivotal hearing where a comprehensive bill regulating the crypto industry will be amended and voted upon, with over 70 proposed changes from both parties creating a high-stakes environment. Key contentious points include defining jurisdiction between the SEC and CFTC, limiting third-party platforms from offering stablecoin yield, and the scope of SEC authority under Title One, which concerns many in the crypto industry. Lobbying is intense, with groups like Coinbase's Stand with Crypto actively scoring politicians. Furthermore, ethics provisions concerning conflicts of interest, particularly related to former President Trump, are reportedly being excluded from the bill, despite objections from consumer and advocacy groups who argue the current text has deep flaws.

(Source：The Block)