Thom Tillis has called for the Senate Banking Committee to vote on the long-delayed Clarity Act when lawmakers return in mid-May, signalling renewed momentum for US crypto legislation.
The proposed bill, which aims to formalise large parts of the crypto industry in the United States, remains stalled by major disputes, particularly over whether firms can offer yield on stablecoin deposits.
“I’m going to ask the chair to move forward with scheduling a markup when we get back,”
Said Thom Tillis, referring to the Senate’s return during the week of May 11.
Tillis had previously urged committee chair Tim Scott to delay an April vote, arguing additional time was needed to resolve disagreements that have already derailed earlier attempts to advance the legislation.
The most contentious issue pits the banking sector against the crypto industry over stablecoin rewards, a conflict that led Coinbase to withdraw its support in January and halt a scheduled committee markup.
Additional sticking points include proposed ethics rules tied to crypto ventures linked to Donald Trump and provisions around software developer protections, both of which remain unresolved.
Despite growing pressure to act before the November midterm elections limit legislative activity, policy experts warn the Clarity Act could still fail if lawmakers cannot reach agreement on these core issues.