Tillis Signals CLARITY Act Progress in Senate Banking Committee

Senator Thom Tillis has expressed his willingness to push forward the CLARITY Act in the Senate Banking Committee. In a recent statement, he mentioned that negotiators have made significant progress on the bill, which aims to create a federal framework for the crypto market structure.

The bill has been delayed for months due to various concerns and disagreements among lawmakers. However, Tillis's statement suggests that the bill is now ready to move forward. He plans to ask the chair to schedule a markup when the committee returns from recess.

One of the remaining points of contention is the stablecoin yield language. Tillis hopes to release legislative text on this issue four to five days before the markup, allowing stakeholders to review it beforehand. The bill also addresses software developer protections, with Tillis expressing support for Senator Cynthia Lummis's approach.