The delay on the bill aimed at integrating the crypto sector into the U.S. financial system may be nearing its end, following Senator Thom Tillis’ indication that banks have sufficiently negotiated with lawmakers over the Digital Asset Market Clarity Act’s stance on stablecoin rewards. On Wednesday, Tillis announced to reporters that the Clarity Act—considered a top priority for the industry in Washington—has successfully addressed many banking lobbyists’ concerns about the potential threat to interest-bearing deposits posed by stablecoin yields. The Republican senator suggested that he would urge the committee chair to proceed with the markup process, as reported by Fox Business.
This development opens the possibility of a Senate Banking Committee hearing scheduled for mid-May, essential for progressing the legislation towards a full Senate vote. Any further delays could jeopardize the bill’s chances before the 2026 Clarity Act deadline, given the limited flexibility in the remaining Senate schedule.
Before reaching President Donald Trump’s desk for signing into law, the legislation must pass through a markup hearing to allow amendments. Tillis plans to share the compromise text on stablecoin yields with stakeholders shortly before this hearing and encourages continued negotiations on other concerns from bankers.
“There might be additional aspects we can address if they are willing to engage in good faith,” stated Tillis.
The banking industry’s reluctance to embrace compromises has drawn criticism from crypto insiders and President Trump, who asserted over the weekend that he would not allow banks to obstruct the Clarity Act. Tillis’ recent comments have been viewed positively by the crypto community.
“There is unprecedented momentum for a May markup,” remarked Cody Carbone, CEO of the Digital Chamber advocating for crypto policy in Washington. “We are eager to see this bill scheduled promptly and anticipate swift progress.”
Remaining issues include a Democratic proposal prohibiting government officials from having personal business interests in crypto, aimed at Trump and his family due to their involvement in the sector. Tillis reportedly supports including an ethics clause in the bill, although it wouldn’t be addressed by the Banking Committee.
Additionally, Senator Chuck Grassley, chairman of the Judiciary Committee, is advocating that certain elements of the legislation—such as legal protections for decentralized finance (DeFi) developers—should undergo review in his committee. Any further delays could imperil the bill’s prospects, with only about 11 weeks left on the Senate calendar before the midterm elections.
If passed by the Senate, the bill would be sent to the U.S. House of Representatives, which approved its version last year. Potential resistance from House Republicans remains a concern, although advocates expect approval of the final Senate draft. Recently, the House has faced challenges aligning with Senate efforts, as seen in disputes over funding for the Department of Homeland Security.