Senator Thom Tillis Pushes CLARITY Act Markup as Senate Talks Advance

• Thom Tillis plans to advance the CLARITY Act to markup after May recess, citing progress on key provisions and readiness for committee review.
• Stablecoin yield concerns from banks largely resolved, while draft language will be released days before markup for stakeholder input.
• Focus shifts to developer protections, DeFi rules, and ethics provisions as lawmakers race toward a May window and August deadline.

Senator Thom Tillis said he will push to advance the CLARITY Act to markup once lawmakers return from the May recess. He made the remarks on Capitol Hill following recent Senate discussions. According to Eleanor Terrett, progress on stablecoin yield and developer rules has brought the bill closer to a committee vote.

Tillis Signals Readiness to Move Bill to Markup

Tillis said he plans to ask Committee Chair Tim Scott to schedule a markup. He noted that lawmakers have made significant progress on key provisions. He added that the bill should move forward to the committee stage.

Notably, Tillis said most concerns from banks on stablecoin yield have been addressed. He also indicated that stakeholders can still provide input before final text release. According to Terrett, the senator expects to publish the yield language four to five days before markup.

Focus Shifts to Developer Protections and DeFi Rules

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.

Meanwhile, Senator Cynthia Lummis said negotiations have made progress. She stated that lawmakers have advanced safeguards for non-controlling developers under money transmission laws. Tillis added that he generally supports Lummis’ approach on this issue.

Ethics Provisions and Timeline Remain Under Review

However, ethics language continues to develop alongside other provisions. According to Terrett, these rules may be added after the bill reaches the Senate floor. This reflects jurisdiction limits within the Senate Banking Committee.

The bill faces a limited timeline as lawmakers target a May markup window. Meanwhile, an August deadline looms before a scheduled Senate recess. Discussions continue as negotiators work to finalize remaining elements ahead of committee action.

The post Senator Thom Tillis Pushes CLARITY Act Markup as Senate Talks Advance appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.