CLARITY Act: Senator Tillis Urges Banking Committee to Delay Crypto Bill Markup to May

Senator Thom Tillis is urging the U.S. Senate Banking Committee to delay the CLARITY Act crypto bill markup until May. He argues that additional time is required for banks and crypto industry negotiators to reach a stablecoin yield compromise.

Senator Thom Tillis Calls for Delaying Senate CLARITY Act Markup

Senator Thom Tillis told Senate Banking Committee Chair Tim Scott the panel should not advance the CLARITY Act in April, Punchbowl reported. He stated, “We need to be looking at May as a markup time.”

On Monday night, Senator Tillis told reporters he does not expect the Senate Banking Committee to markup the crypto market structure bill in April. “It’s very important to me not to accelerate things, to hear everybody, give them a rational basis for what we do accept,” he added.

He claims negotiators need more time to finalize a compromise between banks and crypto regarding stablecoin yields. He signals a potential Senate CLARITY Act markup in mid-May.

Notably, Senator Thom Tillis has played a key role in a compromise effort between banks and crypto companies to restrict stablecoin yields.

Pivotal Week for the Crypto Bill

This week is critical for the CLARITY Act as negotiations continue regarding stablecoin yield and rewards. The outcome may determine whether the crypto bill receives a long-awaited markup this month or is delayed to May.

The Senate Banking Committee must decide by Friday whether to hold a markup of the CLARITY Act if a vote is to occur during the week of April 27. However, increased lobbying efforts by banks and the nomination hearing for Kevin Warsh may delay the markup of the crypto market structure bill until May.

Banks oppose stablecoin yield provisions, claiming they do not effectively mitigate the risk of deposit flight to stablecoins. Additionally, the American Bankers Association criticized the White House report and launched another advertisement opposing stablecoin yields.

Treasury Secretary Scott Bessent urged Congress to pass the CLARITY Act. He claimed the delay has negatively impacted Bitcoin prices and the broader crypto market, despite significant adoption by traditional finance.

Meanwhile, the odds of the crypto bill passing this year continue to diminish. According to Polymarket data, crypto traders now estimate a 50% probability that President Donald Trump will sign the CLARITY Act into law this year, down from a recent high of 64% following the latest setback.

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