Points of Focus

• Senate Banking Committee members filed more than 100 amendments ahead of Thursday’s CLARITY Act markup vote.
• Senator Elizabeth Warren alone submitted over 40 proposals, including one targeting Federal Reserve access for crypto firms.
• The amendment surge highlights growing pressure from banks, labor unions, and Democratic lawmakers as crypto legislation nears a key Senate test.

The Senate Banking Committee is heading into Thursday’s markup vote on the CLARITY Act under mounting political pressure after lawmakers filed more than 100 amendments to the crypto market structure bill ahead of the session.

The amendment wave arrived less than 48 hours after Republicans released the bill’s updated 309-page draft, expanding on an earlier January 2026 version. While crypto industry groups continue pushing for passage, the growing pile of amendments signals that bipartisan agreement around digital asset legislation remains far from settled.

According to Politico, Senator Elizabeth Warren submitted more than 40 amendments on her own. Crypto journalist Eleanor Terrett reported that one proposal would prevent the Federal Reserve from granting master accounts to crypto companies, limiting direct access to the US payment system.

Senator Jack Reed also filed an amendment that would prohibit cryptocurrencies from being used as legal tender, including for tax payments.

🚨NEW: Another one that stands out from @SenJackReed: An amendment that “prohibits crypto from being used as legal tender, for example, to pay taxes.”

I think @Rep_Davidson introduced a bill to do that very thing (pay taxes) with $BTC last year.

Also, more than 40 amendments… https://t.co/ro303PCIvx

— Eleanor Terrett (@EleanorTerrett) May 13, 2026

Warren and Reed target crypto banking access

Warren’s latest filings expand on her broader criticism of the bill, which she argues lacks sufficient safeguards around financial stability and political conflicts tied to crypto holdings.

A Federal Reserve master account gives financial firms direct access to payment rails such as Fedwire and the Automated Clearing House network. Crypto firms have pursued that access for years as part of efforts to operate closer to traditional banking infrastructure.

Reed’s proposal takes aim at another long-running industry objective. Several crypto advocates and lawmakers have previously floated the idea of allowing Bitcoin and other digital assets for tax payments at the state or federal level.

The latest amendments suggest some Democrats are trying to narrow the bill’s scope rather than block it outright. Still, the filings also create a tougher path for Republicans hoping to move the legislation quickly through committee.

Banking and labor groups add pressure ahead of vote

The amendment battle is unfolding alongside lobbying campaigns from both banking groups and organized labor.

According to Eleanor Terrett, the American Bankers Association sent more than 8,000 letters to Senate offices since last week, largely focused on stablecoin yield provisions tied to a compromise negotiated by Senators Thom Tillis and Angela Alsobrooks.

Large labor unions including the AFL-CIO and SEIU have also opposed the bill, arguing the framework could expose retirement funds to higher crypto-related risk.

At the same time, crypto firms and industry groups continue backing the legislation. Coinbase, the Blockchain Association, and several digital asset policy organizations have described the CLARITY Act as a needed step toward clearer federal oversight.

Thursday’s committee vote may determine whether that momentum survives a growing list of political and regulatory objections as the Senate moves deeper into crypto policy debates.