CLARITY Act Update: Tillis Pushes for May Markup Hearing on Crypto Market Structure Bill

TLDR

• Senator Thom Tillis is pushing Senate Banking Committee Chair Tim Scott to schedule a markup hearing for the crypto market structure bill
• The Senate will be back in session May 11, with Tillis pushing for a mid-May hearing
• Key sticking points include stablecoin yield rules, ethics provisions for government officials, and protections for DeFi developers
• Coinbase pulled support in January over a provision banning crypto exchanges from paying stablecoin yields
• The bill has roughly 11 weeks of Senate calendar time left before election pressures take over

Senator Thom Tillis said Wednesday he will push the Senate Banking Committee to schedule a vote on the stalled crypto market structure bill, known as the CLARITY Act.

Tillis told reporters he plans to ask Committee Chairman Tim Scott to move forward with a markup hearing when the Senate returns on May 11.

The bill would define how the SEC and CFTC oversee the crypto industry. The House passed its version in July 2025, but the Senate version has faced repeated delays.

The biggest holdup has been a fight over stablecoin yields. Coinbase withdrew its support in January after a provision was added that would ban crypto exchanges from paying stablecoin yields to customers.

Banking lobbyists have pushed to keep that provision in the bill. They argue it closes a loophole in the GENIUS Act, which already bans stablecoin issuers from paying yield.

Tillis said he believes the concerns from banks have largely been addressed. He added that bankers are still welcome to negotiate, but he won’t wait indefinitely.

Stablecoin and Ethics Provisions Still in Play

Tillis said he plans to share the updated bill text with stakeholders at least four days before any markup hearing.

On ethics, Tillis said Monday he would vote against the bill if it does not include language limiting how government officials can profit from or promote crypto.

This provision is widely seen as targeting President Trump and his family, who have financial interests in crypto.

DeFi Developer Protections Face Separate Hurdle

Another unresolved issue involves legal protections for software developers building decentralized finance tools.

Senator Chuck Grassley, who chairs the Judiciary Committee, has said those provisions should go through his committee first. That could add further delays.

The bill has around 11 weeks left in the Senate calendar before election season takes over. If it clears the Senate, it would go back to the House, which passed its own version in 2025.

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