Tillis Urges May Markup on Crypto Market Structure Bill as CLARITY Act Advances

TLDR

• Senator Thom Tillis is urging Senate Banking Committee Chair Tim Scott to set a markup hearing for the cryptocurrency market structure legislation
• The Senate resumes sessions on May 11, with Tillis advocating for a mid-May hearing
• Major unresolved issues include stablecoin yield regulations, ethical guidelines for government officials, and legal safeguards for DeFi developers
• Coinbase withdrew its backing in January due to a clause banning crypto exchanges from offering stablecoin yields to users
• The bill has approximately 11 weeks left on the Senate calendar before election pressures take precedence

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(SeaPRwire) –   On Wednesday, Senator Thom Tillis stated he will press the Senate Banking Committee to arrange a vote on the delayed cryptocurrency market structure bill, known as the CLARITY Act.

SEN. TILLIS URGES PROGRESS ON CLARITY ACT

Sen. Thom Tillis says he will request leadership to schedule a markup for the Clarity Act when legislators return, noting “significant progress” on the bill.

He added banks’ concerns over stablecoin yields have mostly been addressed, with draft… pic.twitter.com/Q4HOJjfQSq

— Coin Bureau (@coinbureau) April 29, 2026

Tillis informed reporters he intends to ask Committee Chairman Tim Scott to proceed with a markup hearing when the Senate reconvenes on May 11.

“Unless there’s a forcing mechanism like a markup, everyone who doesn’t truly want this done will keep bringing up one more thing to discuss,” Tillis said.

The legislation would outline how the SEC and CFTC oversee the cryptocurrency industry. The House passed its version in July 2025, but the Senate’s iteration has faced repeated delays.

The primary holdup has been a dispute over stablecoin yields. Coinbase pulled its support in January after a provision was added that bans crypto exchanges from paying stablecoin yields to customers.

Banking lobbyists have pushed to retain that provision. They argue it closes a loophole in the GENIUS Act, which already prohibits stablecoin issuers from paying yields.

Tillis said he believes banks’ concerns have largely been resolved. He added that bankers are still welcome to negotiate, but he won’t wait indefinitely.

Stablecoin and Ethics Clauses Remain Under Discussion

Tillis stated he plans to share the updated bill text with stakeholders at least four days before any markup hearing.

On ethics, Tillis said Monday he would vote against the bill if it lacks language limiting how government officials can profit from or promote crypto.

“There must be ethics language in the bill before it leaves the Senate, or I’ll go from being a negotiator to voting against it,” Tillis said.

This provision is widely seen as targeting President Trump and his family, who hold financial interests in crypto.

DeFi Developer Protections Face a Separate Obstacle

Another unresolved issue involves legal protections for software developers building decentralized finance tools.

Senator Chuck Grassley, chair of the Judiciary Committee, has said those provisions should go through his committee first—potentially adding further delays.

Tillis said Wednesday he is “generally supportive” of the progress Senator Cynthia Lummis has made on that provision.

Cody Carbone, CEO of the Digital Chamber, commented: “There is more momentum than ever for a May markup.”

The bill has around 11 weeks left on the Senate calendar before election season takes over. If it clears the Senate, it would return to the House, which passed its own version in 2025.