The U.S. Senate Banking Committee updates the crypto market structure bill text, including provisions for stablecoin incentives and DeFi developer clauses

The United States Senate Banking Committee has released an updated 309-page text of the Clarity Act, which is scheduled to be reviewed and voted on later this week. The new text includes wording limiting stablecoin rewards as well as provisions from the Blockchain Regulatory Certainty Act, explicitly clarifying that non-custodial developers are not considered money transmitters. A certain exchange, which previously withdrew its support due to controversy over the stablecoin rewards clause, has now switched to supporting the bill; however, banking industry groups still believe the restrictions are insufficient.

Meanwhile, the legislation still does not include ethical constraints targeting the President and other federal officials who may benefit from digital assets. Democrats have expressed that without a relevant compromise, the bill is unlikely to gain their support.