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Republican Senator Thom Tillis has urged the U.S. Senate Banking Committee to delay the review of the CLARITY bill concerning cryptocurrency regulation until May.
He stated that representatives from both the banking sector and the crypto industry require additional time to reconcile their differences, particularly regarding stablecoin yield issues. Tillis conveyed this information to Punchbowl News. The senator also indicated that he does not anticipate the banking committee will address the bill in April.
Tillis is actively facilitating discussions between stakeholders in the crypto sector and the banking industry.
“It is crucial not to rush the process, to listen to the viewpoints of all parties, and to justify the decisions made,” the senator remarked.
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Concurrently, the crypto industry advocacy group The Digital Chamber sent a letter to the Senate Banking Committee urging them to expedite the review of CLARITY and bring it to discussion at the earliest opportunity. The correspondence noted that over 270 days have passed since the bill was approved by the House of Representatives.
The timelines for reviewing the initiative have been postponed multiple times. U.S. Treasury Secretary Scott Bessent previously cautioned that delays could result in the bill not being passed before the American primaries in November.
“If the Democrats gain control of the House of Representatives, the chances of reaching an agreement will significantly diminish,” he remarked.
The primary point of contention remains the issue of income accrual on stablecoins. Banks believe that allowing interest payments could trigger a withdrawal of deposits, particularly from regional financial institutions.
The Senate Banking Committee was expected to review CLARITY at the end of April. Earlier, Republican Senator Cynthia Lummis from Wyoming warned that if the deadline is missed, legislators will prioritize election campaigns, and the bill may not receive significant attention leading up to the November 2026 midterm elections.
