U.S. Senator Signals Readiness to Advance Clarity Act

The recent delay in the bill to fully incorporate the crypto sector into the U.S. financial system has been centered on Senator Thom Tillis' request for bankers to have more time to negotiate the approach to stablecoin rewards in the Digital Asset Market Clarity Act. However, this may be coming to an end. Tillis informed reporters on Wednesday that the work on the Clarity Act has addressed many concerns of banking lobbyists who were defending their turf against potential threats from stablecoin yield. The Republican lawmaker stated, 'I'm going to encourage the chair to move forward with the markup.' This could lead to a mid-May hearing by the Senate Banking Committee, a crucial step before the legislation can be finalized for a Senate vote. If the bill faces further delays, it may not survive the 2026 legislative session due to the limited remaining time on the Senate schedule. The legislation still needs to overcome several hurdles, including a markup hearing where lawmakers can propose amendments. Tillis plans to share the compromise text on stablecoin yield with stakeholders before the hearing and welcomes bankers to continue negotiations if they have other points to discuss. 'There may be a few more that we can get there, if they want to come and work in good faith,' Tillis said. Crypto industry insiders have been critical of the banking industry's reluctance to accept compromises, a sentiment shared by Trump, who expressed his intention not to let bankers hinder the Clarity Act. The industry views Tillis' recent remarks as a positive sign for progress. 'There is more momentum than ever for a markup in May,' said Cody Carbone, CEO of the Digital Chamber, which advocates for crypto policy in Washington. 'We support getting this bill on the committee calendar as soon as possible, and we are hopeful it will move imminently.' Other challenging provisions remain to be resolved, including a Democrat-driven section aimed at banning government officials from having personal business interests in crypto, primarily targeted at Trump and his family. Tillis has reportedly agreed that the bill needs such an ethics requirement, although this issue would not be addressed in the Banking Committee's work. Another potential obstacle is Senator Chuck Grassley's push for certain aspects of the legislation, including legal protections for DeFi developers, to pass through his committee. Any further delay to the bill would jeopardize its chances of advancing, given the approximately 11 weeks remaining on the Senate calendar before lawmakers disperse for midterm election demands. If the Senate passes the bill, it would then be handed over to the U.S. House of Representatives, which has already passed its own version of the Clarity Act. While potential opposition from House Republicans could pose additional challenges, advocates are currently counting on the House to approve the Senate's final product.