Senator Thom Tillis Faces Pressure From North Carolina Blockchain as CLARITY Act Markup Delays Extend

• North Carolina Blockchain urges Tillis to advance CLARITY Act, challenging banker opposition to stablecoin yield rules.
• Industry warns banning yield may push capital offshore, arguing GENIUS Act already addresses regulatory risks.
• Senate timeline slips toward May as lawmakers delay markup, awaiting draft text and resolving key policy disputes.

North Carolina Blockchain has urged Senator Thom Tillis to move the CLARITY Act to markup. As per journalist Eleanor Terrett, the request follows opposition from the North Carolina Bankers Association over stablecoin yield rules. However, no Senate Banking Committee schedule has been confirmed, and sources now expect delays into May as discussions continue.

Industry Group Challenges Banker Opposition

North Carolina Blockchain sent a formal letter pressing Tillis to advance the Clarity for Payment Stablecoins Act. The group said recent opposition from NCBankers does not reflect all financial institutions across the state. Notably, a board source told Terrett that several small banks and credit unions do not share those concerns.

The letter directly addressed stablecoin yield, which has become a key point of disagreement. However, the group argued that banning yield could push capital offshore instead of reducing risk. It warned that such restrictions may shift activity into less regulated markets.

GENIUS Act Cited in Regulatory Argument

The group pointed to the GENIUS Act as already addressing “shadow banking” concerns tied to stablecoins. It said the framework brings issuers under federal oversight and applies capital requirements. As a result, the letter framed CLARITY as a continuation of that regulatory structure.

However, discussions in Washington remain unresolved. According to Terrett, Tillis has requested more time to engage with banks on the yield issue. He has also indicated plans to release legislative text before any markup proceeds.

Markup Timeline Slips Toward May Window

Momentum around the bill has slowed as April deadlines passed without action. Terrett reported that Friday ended without any update from Senator Tim Scott or committee Republicans. While hearings can be scheduled with short notice, Monday marks the final window before a Senate recess.

Sources across industry and government now expect a markup no earlier than the second week of May. Meanwhile, committee priorities may include a confirmation vote for Federal Reserve Chair nominee Kevin Warsh. Without released text or a confirmed schedule, April consideration appears unlikely.

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