The U.S. Senate has slowed movement on the CLARITY Act once again, with Senator Thom Tillis saying negotiations are still active and the release of key bill text remains uncertain. The schedule may now slide into late April or early May, shaped in part by Kevin Warsh’s upcoming nomination hearing and other calendar constraints.
Stablecoin yield language is still being negotiated
According to Eleanor Terrett, Tillis said lawmakers are still going back and forth with stakeholders over the bill’s stablecoin yield provisions. Some policy details have not been settled, and he indicated that more negotiation may be needed before the text is made public. Even so, Tillis said he is “guardedly optimistic” that a markup can be scheduled soon.
Tillis also floated a “crypto palooza” format as a way to break through remaining disputes. Under that approach, experts from banks and crypto firms would appear in hearings so senators could weigh competing arguments directly. The report did not say whether that idea will be adopted.
Banking Committee agenda leaves the bill out
The latest schedule released by the Senate Banking Committee did not include a markup for the CLARITY Act. Committee Chair Tim Scott published the agenda without mentioning the bill, and that omission quickly fed concern online that the process was slipping.
Justin Slaughter of Paradigm argued that the legislative window is still open. He said the real pressure point for Congress begins after Memorial Day, leaving lawmakers several more weeks to move the measure through committee and toward the Senate floor.
Ethics and tokenization sections are still being refined
Staff are still revising several major sections of the legislation, according to the report. Ethics provisions and tokenization language remain under discussion. Earlier disputes tied to DeFi and stablecoin yield appear closer to resolution, though they have not been fully closed out.
Another issue drawing attention is Kevin Warsh’s financial disclosure ahead of his hearing. The former Federal Reserve governor reported more than $100 million in assets, including early-stage investments in crypto-related firms. Reported holdings include Compound, dYdX, Solana, Optimism, and Blast.
Those positions appear to be indirect and generated no reportable income, but they may still invite scrutiny over possible conflicts during the confirmation process. With bill negotiations, committee scheduling, and the Warsh hearing all moving at once, the next milestone for the CLARITY Act remains unclear.