Tillis Revives Push for CLARITY Act Markup Hearing Amid Crypto Bill Stalemate

Senator Thom Tillis is making a renewed push for the CLARITY Act, a bill aimed at clarifying how the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) oversee the crypto industry.

The bill has been languishing in the Senate Banking Committee due to several contentious issues. One of the main sticking points is the stablecoin yield rules, which have pitted banks against crypto exchanges. The latter argue that a provision banning them from paying stablecoin yields would be detrimental to their business model.

Tillis believes that the concerns raised by banks have been largely addressed and that it's time for a markup hearing. He plans to share the updated bill text with stakeholders at least four days before any markup hearing, which is expected to take place in mid-May when the Senate returns from recess.