The Senate Banking Committee’s Clarity Act markup is tracking toward May after Sen. Thom Tillis (R-NC) told reporters he does not expect the committee to act in April.
Tillis, the lead negotiator on stablecoin yield provisions, wants more time to hear from banking stakeholders. The delay pushes the earliest possible window to the week of May 11.
Bank Lobbying Pressures Tillis on Stablecoin Yield
Tillis’s office has faced a coordinated pressure campaign from bank lobbying groups, including the North Carolina Bankers Association.
Banks have objected to details of a stablecoin yield compromise reached earlier this month between select crypto firms and banks, even though the full text has not been publicly released.
“It’s very important to me not to accelerate things, to hear everybody, and give them a rational basis for what we do accept,” Sen. Thom Tillis, reportedly told reporters.
However, Sen. Cynthia Lummis (R-WY) pushed back sharply, warning that “further delay is unacceptable” and that the offshore risk is real.
The Digital Chamber also sent a letter to Banking Committee leadership urging immediate action.
The trade group noted more than 270 days have passed since the House passed the Clarity Act.
OCC Advances GENIUS Act Stablecoin Framework
Meanwhile, the Office of the Comptroller of the Currency (OCC) is moving forward with its proposed rule to implement the GENIUS Act.
The rule would establish licensing, reserve, and redemption standards for payment stablecoin issuers under federal oversight. The public comment period closes May 1.
The parallel tracks highlight a split in the pace of US crypto regulation. While the OCC builds out stablecoin supervision, the broader market structure bill faces growing political friction.
