Gate News message, April 21 — Senator Thom Tillis has urged the U.S. Senate Banking Committee to postpone markup of the CLARITY Act until May, citing ongoing disagreements over stablecoin yield provisions. Tillis told Senate Banking Committee Chair Tim Scott that April is not workable for advancing the digital asset market structure bill, requesting more time for stakeholders to negotiate remaining points of contention.
Banks have pushed for tighter restrictions on interest-like rewards tied to stablecoin holdings, arguing such products could divert deposits from the traditional banking system. Crypto industry groups, meanwhile, have advocated for preserving yield offerings as essential for market competition and user adoption. The American Bankers Association has maintained its opposition, while crypto advocates have pressed lawmakers to keep room for these products. A White House meeting in February aimed at resolving the dispute ended without agreement.
The delay narrows the Senate’s window for action. Prediction market traders have reduced their expectations for the bill’s passage this year as the Senate timeline slips. Administration officials continue calling for progress on crypto legislation, though the immediate focus now centers on whether Senate Banking leaders will maintain an April track or shift to May as Tillis proposed.
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