- Sources reveal that the Senate Banking Committee received over 100 requests for amendments to the CLARITY Act.
- American banks have sent 8,000 letters to Senators’ offices across the US as of Wednesday opposing the stablecoin yield provision.
The defining day for the CLARITY Act is almost here, but the opposition is only getting stronger as the Thursday vote approaches. In the latest news, multiple Senators have reportedly submitted over 100 requests to amend the bill, while the number of letters sent by American banks to their Senators has surged past 8,000.
According to sources, the Senate Banking Committee has now received over 100 submissions.
One of the most active voices pushing for the amendments is Sen. Elizabeth Warren, the Democrat from Massachusetts, who has been an outspoken critic of crypto for nearly a decade now.
According to Eleanor Terrett, a journalist at FOX Business, Warren alone has submitted more than 40 amendments. They include provisions that would bar the Federal Reserve from granting access to its master account to any crypto-related entity. Kraken’s banking arm is the only crypto firm with a master account, which it received in March this year, as we reported.
Warren has also been leading a campaign by Democrats in the Banking Committee to guarantee that the CLARITY Act would add an ethics provision before voting for it. This provision is viewed as a thinly veiled attack on Donald Trump, who has made over $1 billion from crypto since taking over last year.
While other Senators have concealed the attack on Trump and generalized the ethics provision, Sen. Warren is clear that it targets the Trump family. She stated on Tuesday that in its current state, the CLARITY Act will “turbocharge the massive conflict of interests posed by Donald Trump and his family’s crypto ventures.”
Around midnight, @BankingGOP unveiled new crypto legislation.
Among other flaws, it will turbocharge the massive conflict of interests posed by Donald Trump and his family’s crypto ventures.
No bill should move through the Banking Committee without real ethics guardrails.
— Elizabeth Warren (@SenWarren) May 12, 2026
Banks Send 8,000 Letters Opposing The CLARITY Act
Beyond the Senate, the opposition to the CLARITY Act is being mainly pushed by American banks. As we have reported, the lenders are unrelenting in their push to have provisions on stablecoin yield struck out. They argue that if the Act allows stablecoin issuers to offer yield, banks will lose their deposits to these companies.
According to a new report, members of the American Bankers Association (ABA) have written over 8,000 letters to their local Senators against the CLARITY Act. They have also conducted a spirited phone call campaign to the lawmakers’ offices.
NEW: Since last Friday, @ABABankers members have sent more than 8,000 letters to Senate offices urging lawmakers to fix the stablecoin yield compromise, per a source familiar with the effort. It apparently does not include a separate phone call campaign.
— Eleanor Terrett (@EleanorTerrett) May 12, 2026
The figure is nearly double what had been reported on Monday, with the ABA seemingly turbocharging its efforts as the Thursday vote nears.
Senators have been divided over the bill. Republican Senators are in support, with Ohio’s Bernie Moreno saying that banks are only trying to protect their bottom line and do not care about crypto, stablecoins, or the consumers.
However, Democrats have supported the banks. Earlier today, Rhode Island’s Jack Reed and Minnesota’s Tina Smith filed an amendment that will draw a clear line where Senators must now choose between crypto and banks.
Their amendment would require the CLARITY Act to include all the changes that banks have called for before it heads for a vote. Insiders say the proposed amendments will be like a referendum on the Act.
News: Sens. Reed (D-R.I.) and Smith (D-Minn.) have filed an amendment ahead of Thursdays markup that will force senators to choose between crypto and the banks
The amendment would incorporate bank’s changes to stablecoin yield restrictions. Tough tough vote for bank-friendly Rs pic.twitter.com/ldxJRmfnQT
— Brendan Pedersen (@BrendanPedersen) May 13, 2026
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