The U.S. Senate Banking Committee updates the text of the cryptocurrency market structure bill, incorporating stablecoin rewards and DeFi developer provisions

According to The Block, the U.S. Senate Banking Committee has released an updated 309-page text of the Clarity Act, which is set to be reviewed and voted on later this week. The new text includes language related to restrictions on stablecoin rewards, as well as provisions from the Blockchain Regulatory Certainty Act, clarifying that non-custodial developers do not fall under the category of money transmitters. Coinbase, which previously withdrew its support due to controversies over the stablecoin rewards provisions, has now shifted to support, but banking groups still believe the restrictions are insufficient.

Meanwhile, the bill still does not include ethical constraints regarding profits from digital assets for the president and other federal officials. Democrats have stated that without relevant compromises, the bill will struggle to gain support.