US Senator Thom Tillis has urged a delay to the Senate markup of the CLARITY Act, citing the need for more time to resolve disputes between crypto and banking stakeholders.
Tillis said discussions around stablecoin yield provisions remain unresolved, and recommended pushing the timeline to May to allow further input from both industries.
“It’s very important to me not to accelerate things, to hear everybody, and give them a rational basis for what we do accept,”
Tillis said.
The delay raises concerns the legislation may not pass before the US midterm elections, a timeline that could jeopardise its chances if political control shifts.
Crypto advocacy group The Digital Chamber has pushed back, urging lawmakers to move forward with the bill after more than 270 days since it passed the House.
“Clarity cannot wait,”
Said The Digital Chamber government affairs director, Taylor Barr.
Banking groups have warned that allowing stablecoin yield could trigger deposit outflows from traditional banks, while crypto leaders including Brian Armstrong have pushed for more flexible provisions.