Senate Banking Panel Eyes Clarity Act Markup in May

TLDR

• Senator Thom Tillis said the Clarity Act is ready to move toward a Senate Banking Committee hearing.
• Lawmakers resolved several banking industry concerns over stablecoin reward provisions in the draft bill.
• Tillis urged the committee chair to proceed with a markup in mid-May.
• The Senate faces a tight legislative calendar with limited weeks before midterm campaign demands.
• Industry representatives welcomed signs of progress and called for swift committee action.

Senator Thom Tillis said the Senate may soon advance the Digital Asset Market Clarity Act toward a committee hearing. He stated that negotiations with banking groups have resolved many disputes over stablecoin rewards. His remarks suggest the Senate Banking Committee could schedule a markup in mid-May.

Clarity Act Nears Banking Committee Action

Tillis told reporters that talks with bankers addressed concerns about stablecoin yield provisions. He said the draft text now answers objections from institutions defending interest-bearing deposits.

He said lawmakers will release compromise language on stablecoin rewards days before the hearing. He invited banking representatives to continue discussions in good faith. He stated, “There may be a few more that we can get there, if they want to come and work in good faith.”

The Senate Banking Committee must approve the bill before the full chamber considers it. Lawmakers face a tight calendar with about 11 weeks before midterm campaign demands intensify. Therefore, any delay could stall the 2026 legislative effort.

Industry groups welcomed Tillis’ comments and pointed to growing momentum in Washington. Cody Carbone, CEO of the Digital Chamber, urged swift scheduling of the markup. He said, “We support getting this bill on the committee calendar as soon as possible.”

Crypto advocates criticized parts of the banking lobby for resisting earlier compromises. President Donald Trump also voiced frustration over opposition to the measure. He said over the weekend that he would not let bankers derail the Clarity Act.

Remaining Obstacles and Senate Timeline

The legislation still requires a markup hearing where senators may offer amendments. Lawmakers will debate changes before sending any approved text to the full Senate. Tillis indicated he supports an ethics requirement addressing officials’ crypto business interests.

Democrats have pushed for a ban on government officials holding personal crypto ventures. The proposal primarily targets President Trump and his family’s industry involvement. However, the Banking Committee will not handle that specific provision.

Senator Chuck Grassley has raised jurisdictional concerns over parts of the bill. He wants legal protections for decentralized finance developers reviewed by the Judiciary Committee. His position could require further committee coordination.

If the Senate passes the measure, the bill will move to the U.S. House of Representatives. The House passed its own version of the Clarity Act last year. Lawmakers will need to reconcile differences before sending a final bill to the president.

House Republicans have recently disagreed with Senate priorities on other legislation. For example, lawmakers clashed over funding for the Department of Homeland Security. Still, crypto advocates expect the House to review the Senate’s final text once available.

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