The crypto legislation in the U.S. Senate is reaching a critical juncture. As the banking committee hearing date approaches, the bill has accumulated over 70 amendments, with conflicts over stablecoin yields and DeFi regulation intensifying. Crypto industry players, traditional financial institutions, and consumer protection organizations are all pushing hard to advance their respective interests.

This Thursday, the Senate will vote on amendments to the bill. The core purpose of the bill is very clear — to clarify the responsibilities of the SEC and the CFTC, provide a clear definition for digital assets, and introduce new disclosure requirements.

Senate Banking Committee Chairman Tim Scott released the full text of the 278-page bill on Monday, and immediately, bipartisan lawmakers followed up with a wave of amendments. Some amendments aim to give the Treasury Department greater authority to impose sanctions on distributed application layers; others focus on stablecoin yields, which has become one of the most divisive issues right now.

Industry voices are quite interesting. A support-crypto advocacy organization led by a top exchange CEO stated that Thursday’s vote results will be scored and evaluated — in their words, to test whether senators are siding with bank profits or consumer rights. Many industry insiders also admit that while there is still a possibility for the bill to advance, it’s really hard to say where it will ultimately go.