Crypto · Unchained
Tillis Delays Clarity Act Stablecoin Yield Vote, Citing Uncertainty Over Markup Timing
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Key facts
- The delay is the latest in a series of setbacks for the bill, which passed the House 294-134 in July 2025 but has been stalled in the Senate for nearly a year
- Galaxy Research has said that if the Banking Committee does not clear the bill in April, the odds of passage in 2026 fall to near zero
- Thom Tillis (R-N.C.) told Politico Thursday that he will likely no longer release the stablecoin yield compromise text for the Clarity Act this week, citing a need for clarity on when the Senate
- A full Senate floor vote requires 60 votes, making Democratic support essential, and the August recess leaves almost no floor time once summer arrives
Summary
Thom Tillis (R-N.C.) told Politico Thursday that he will likely no longer release the stablecoin yield compromise text for the Clarity Act this week, citing a need for clarity on when the Senate Banking Committee will schedule its markup of the broader bill. Angela Alsobrooks (D-Md.) to draft language aimed at resolving the central dispute in the bill: whether cryptocurrency exchanges should be permitted to offer annual percentage yield on stablecoin balances. Wall Street groups, led by major bank trade associations, argue that such programs could pull deposits out of traditional bank accounts at scale. Crypto firms, including Coinbase, counter that restricting stablecoin rewards stifles innovation and harms consumers.