Clarity Act Progress Hinges on Resolving Disputes Over Stablecoin Yield and More

Washington D.C. - In a bid to move forward with long-awaited crypto legislation, Sen. Thom Tillis has announced that the Senate Banking Committee will consider voting on the Clarity Act when lawmakers return in mid-May.

Tillis, a key player on the powerful committee, expressed his intention to schedule a markup for the bill, which aims to formalize large parts of the crypto industry's operations within the United States. However, several contentious issues remain unresolved, including disagreements over stablecoin yield and software developer protections.

These disputes have been ongoing since January, when the White House sided with the crypto industry in opposition to banking lobby demands for stricter regulations on stablecoins. The issue has sparked a public spat between the White House's top crypto-focused official and major banking trade groups.

Tillis acknowledged that these sticking points could still derail the bill but expressed confidence that a scheduled markup would bring about compromises. He noted, 'Until you have a forcing mechanism of a markup, everybody that really doesn’t want it done [is] going to have one more thing that they want to talk about.'