North Carolina Blockchain is pressing Senator Thom Tillis to move the CLARITY Act into markup, but the Senate timetable is slipping. According to journalist Eleanor Terrett, the push comes after opposition from the North Carolina Bankers Association over stablecoin yield provisions, while no schedule has yet been confirmed by the Senate Banking Committee. Current expectations now point to a delay into May.
Stablecoin yield rules remain the central fault line
The group sent a formal letter urging Tillis to advance the Clarity for Payment Stablecoins Act. In that letter, North Carolina Blockchain argued that the bankers association’s objections do not represent every financial institution in the state. Terrett also cited a board source who said several small banks and credit unions do not share those same concerns.
The sharpest disagreement is over stablecoin yield. North Carolina Blockchain argued that banning yield would not necessarily reduce risk; instead, it could drive capital offshore and shift activity into markets with weaker oversight. That point sits at the center of the industry’s case against a blanket prohibition.
Group says GENIUS Act already addresses shadow banking concerns
In its argument, the association pointed to the GENIUS Act as an existing answer to stablecoin-related “shadow banking” concerns. It said that framework already places issuers under federal supervision and applies capital requirements. From that view, the CLARITY Act would extend a regulatory structure already taking shape rather than create a separate one from scratch.
The dispute in Washington is not about whether stablecoins should face oversight. It is about how far that oversight should reach. Industry participants backing the letter maintain that if issuer supervision and capital rules are already covered, a hard ban on yield could alter where money flows without clearly removing the underlying risk.
No confirmed Senate schedule as April window closes
Discussions in Washington remain unresolved. Terrett reported that Tillis has asked for more time to engage with banks on the yield issue, and he has indicated that legislative text will be released before any markup moves ahead. Without draft language, the process remains stuck.
The bill’s momentum slowed after April deadlines passed without action. Terrett said Friday ended with no update from Senator Tim Scott or committee Republicans. Hearings can sometimes be arranged on short notice, but Monday marks the last opening before the Senate recess.
Sources across industry and government now expect a markup no earlier than the second week of May. At the same time, committee attention may also turn to a confirmation vote for Federal Reserve Chair nominee Kevin Warsh. With no released text and no formal schedule, consideration in April now appears unlikely.