Senator Thom Tillis said he will push to advance the CLARITY Act to markup once lawmakers return from the May recess. Speaking on Capitol Hill following recent Senate discussions, he noted significant progress on stablecoin yield and developer rules has brought the bill closer to a committee vote.
Stablecoin Yield Concerns Largely Addressed
Tillis said most concerns from banks on stablecoin yield have been addressed. He plans to ask Committee Chair Tim Scott to schedule a markup. According to Eleanor Terrett, the senator expects to publish the yield language four to five days before markup to allow stakeholder input before final text release.
Developer Protections and DeFi Provisions Become New Focus
With yield issues largely resolved, attention has shifted to developer protections and DeFi provisions. These include language tied to the Blockchain Regulatory Certainty Act and Section 1960. Law enforcement concerns about enforcement limits remain part of the discussion. Senator Cynthia Lummis said negotiations have made progress on safeguards for non-controlling developers under money transmission laws. Tillis added that he generally supports Lummis' approach on this issue.
Ethics Language May Wait Until Senate Floor
Ethics language continues to develop alongside other provisions. According to Terrett, these rules may be added after the bill reaches the Senate floor, reflecting jurisdiction limits within the Senate Banking Committee. The bill faces a limited timeline as lawmakers target a May markup window, with an August deadline looming before a scheduled Senate recess. Discussions continue as negotiators work to finalize remaining elements ahead of committee action.