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Key Senator Pushes for Vote on Clarity Act—But Hurdles Remain
TL;DR
Sen. Thom Tillis is pushing for a Senate Banking Committee vote on the Clarity Act in mid-May, which aims to legalize significant parts of the crypto industry. However, major disputes over stablecoin yield and other issues could hinder progress.
Key points
- Sen. Thom Tillis advocates for a vote on the Clarity Act.
- The vote is proposed for mid-May when the Senate reconvenes.
- Major disputes over stablecoin yield could hinder progress.
- Other issues include ethics rules and software developer protections.
- The bill must pass out of committee before the November midterms.
Mentioned in this story
Thom TillisSenate Banking Committee
In brief
- Sen. Thom Tillis said the Senate Banking Committee should vote on the long-delayed Clarity Act when lawmakers return in mid-May.
- The bill still faces major disputes, especially over stablecoin yield, a fight that previously derailed the process.
- Other sticking points, including ethics rules and software developer protections, could still cause trouble for the legislation.
Sen. Thom Tillis (R-NC), a key player on the powerful Senate Banking Committee, indicated Wednesday that it may, finally, be time for a long-delayed vote on the Clarity Act—crypto legislation that would formally legalize large parts of the industry in the United States.
“I’m going to ask the chair to move forward with scheduling a markup when we get back,” Tillis told reporters Wednesday, referring to the week of May 11, when the Senate returns from a hiatus.
Last week, Tillis urged Senate Banking chair Tim Scott (R-SC) to abandon plans to mark up the bill in the second half of April, and suggested a May vote could allow for enough time to find compromises on unresolved disputes about key language in the legislation. Most stakeholders agree that if the Clarity Act has any chance of becoming law, it must pass out of committee imminently, given the upcoming November midterms will soon grind Congress to a halt.
One of those disputes, which Tillis himself has been moderating, has pitted the banking lobby against the crypto industry. It centers on whether crypto companies should be allowed to offer rewards to customers on deposits of stablecoins, dollar-pegged crypto tokens formally legalized by the GENIUS Act last summer.
The conflict prompted crypto exchange Coinbase to pull its support for the Clarity Act back in January, derailing a Banking Committee markup that had been set for the next day. In the intervening 14 weeks, the White House has taken the crypto industry’s side in the dispute, but no compromise has yet been reached.
While Tillis did not say the Clarity Act’s stablecoin yield problem has been resolved, he implied today that the pressure of a scheduled markup could hopefully bring about such a resolution.
Q&A
What is the Clarity Act and what does it aim to achieve?
The Clarity Act is proposed legislation that seeks to formally legalize large parts of the crypto industry in the United States.
What are the main hurdles facing the Clarity Act vote?
The Clarity Act faces disputes over stablecoin yield, ethics rules, and software developer protections that could delay its passage.
When is the Senate expected to vote on the Clarity Act?
The Senate is expected to vote on the Clarity Act during the week of May 11, when lawmakers return from a break.
Who is advocating for the Clarity Act in the Senate?
Sen. Thom Tillis, a key member of the Senate Banking Committee, is advocating for the vote on the Clarity Act.
