US Senator Submits New Amendment to Clarify Prohibition of Cryptocurrency as Legal Tender

On May 13, according to crypto reporter Eleanor Terrett, U.S. Senator Jack Reed submitted an amendment before Thursday's stablecoin bill review, proposing to explicitly prohibit cryptocurrencies from being used as legal tender, including prohibiting the payment of taxes with crypto assets. Senator Elizabeth Warren also submitted over 40 amendments, one of which aims to prevent the Federal Reserve from issuing master accounts to cryptocurrency companies. Another amendment jointly submitted by Senators Reed and Smith proposes to include restrictions on bank yields for stablecoins in the bill.