PANews reported on May 13 that, according to crypto journalist Eleanor Terrett, U.S. Senator Jack Reed submitted an amendment ahead of Thursday's stablecoin bill hearing, proposing to explicitly prohibit cryptocurrencies from being used as legal tender, including prohibiting the use of crypto assets for tax payments.

Senator Elizabeth Warren also introduced over 40 amendments, one of which aims to prevent the Federal Reserve from issuing master accounts to cryptocurrency companies. Another amendment, jointly introduced by Senators Reed and Smith, proposes to include restrictions on banks' yields on stablecoins in the bill.