Crypto enthusiasts who once promised that permissionless payments would shatter the tyranny of traditional finance are now trying build third-party trust.

Community banks fear customers will withdraw deposits to buy stablecoin crypto assets that could pay higher yields.

By Doina Chiacu and Michelle Price WASHINGTON, Sept 14 (Reuters) - U.S. Senate Republicans on Monday released a revised draft of major cryptocurrency legislation which they said addressed Democrats' concerns over ethics provisions,

Republicans released a new version of the crypto bill ahead of a scheduled vote. But even with the changes, Democrats have little incentive to offer support.

The latest challenge comes just hours before a crucial Senate vote.

In Minnesota, Lt. Gov. Peggy Flanagan handily defeated Rep. Angie Craig after making Craig’s ties to crypto and support for industry-friendly policies part of a broader argument that the four-term congressmember was too friendly to corporate interests. Flanagan raised the crypto issue in debates, in TV advertising and on social media.

The Senate is set to hold a cloture vote on the Clarity Act on Tuesday. If the bill gets at least 60 votes, the bill will move to a floor vote by the full chamber.

Republicans made last-minute concessions on the Clarity Act, but the crypto bill still faces a difficult path through the Senate. Coinbase investors are watching.