Sen. Thom Tillis (R-NC) says it's time for a vote on the Clarity Act, a bill that would legalize large parts of the crypto industry. He wants the Senate Banking Committee to schedule a markup when lawmakers return in mid-May.
A major sticking point: whether crypto firms can offer rewards on stablecoin deposits. The banking lobby and crypto industry are at odds. The White House has sided with crypto, but no compromise has been reached.
Other unresolved issues include ethics restrictions on President Trump's crypto ventures and protections for software developers. Tillis says he will walk away if the bill lacks sufficient ethics language.
A crypto policy leader says Tillis’ engagement is encouraging but warns the bill could still die over any of these disputes.