US senators have submitted a new amendment to explicitly prohibit cryptocurrencies from being used as fiat currency.

CoinFeed reported on May 13 that, according to crypto journalist Eleanor Terrett, U.S. Senator Jack Reed submitted amendments ahead of Thursday's stablecoin bill hearings, proposing to explicitly prohibit cryptocurrencies from being used as fiat currency, including prohibiting tax payments in 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 incorporate bank restrictions on stablecoin yields into the bill.