Tillis pushes mid-May vote on Clarity Act amid splits

Sen. Thom Tillis said he will ask the Senate Banking Committee chair to schedule a markup and vote on the Clarity Act for the week of May 11, pressing to move the long-delayed crypto bill forward despite unresolved disputes over stablecoin yield, ethics restrictions and protections for software developers.

Tillis told reporters he wants the committee to confront outstanding disagreements and produce a bill that can advance to the Senate floor before Congress slows for the November midterms. He argued that a scheduled markup would force negotiators to compromise: “Until you have a forcing mechanism of a markup, everybody that really doesn’t want it done [is] going to have one more thing that they want to talk about. And I think it’s time to get it before the committee [and] move it forward.”

A central dispute involves whether firms should be allowed to offer rewards on deposits of stablecoins, the dollar‑pegged tokens that were formally recognized by last year’s GENIUS Act. That battle has pitted banking industry groups against crypto firms. Coinbase withdrew support for the Clarity Act in January, which derailed a scheduled committee markup. The White House has publicly sided with crypto industry positions on the yield issue, but negotiators have not found a compromise.

Tillis has also pressed for stronger ethics language in the bill and has warned he could withdraw support if those provisions are not included. Ethics concerns include how the measure would apply to the president’s private crypto businesses and whether new restrictions should be added. Senators are also divided over language to shield software developers from liability, a subject that has raised national security questions among members of both parties.

Senate Banking Committee Chair Tim Scott will set the committee docket. Tillis asked Scott to schedule the markup for the week lawmakers return in mid‑May. Supporters of the Clarity Act say a committee vote soon is necessary given the shrinking legislative calendar ahead of the midterm campaign season.

The stablecoin yield fight has produced public clashes beyond Capitol Hill. The White House’s senior crypto official recently engaged with a major banking trade group on the topic, reflecting continuing high‑level attention and disagreement among stakeholders.

Lawmakers and industry officials say the bill’s fate remains uncertain. Some officials expect the measure could be finalized in committee if negotiators find compromise language; others say it could fail if disagreements over yield, ethics and developer protections remain unresolved.