The U.S. Senate Banking Committee has released a draft of the CLARITY Act, with lawmakers required to submit amendments by tomorrow.

BlockBeats News, May 12th, the U.S. Senate Banking Committee has released a 309-page draft of the CLARITY Act.

The new text incorporates language on stablecoin reward restrictions and the terms of the Blockchain Regulatory Certainty Act, clarifying that non-custodial developers are not considered money transmitters. Previously withdrawn support due to the stablecoin reward provision, Coinbase has now switched to supporting the bill, but banking industry groups still find the restrictions insufficient. Meanwhile, the bill has not yet included provisions on ethical constraints for the President and other federal officials benefiting from digital assets, with Democrats stating that without a compromise on this matter, the bill will face difficulty in garnering support.

Committee members must submit amendments by tomorrow for consideration during Thursday's markup.