Tom Tillis has called for delaying consideration of the CLARITY Act until May to give banks and the crypto industry more time to resolve contentious issues.
Senator Tom Tillis (R-NC) stated that the Senate Banking Committee is unlikely to consider the CLARITY Act in April. According to him, discussing the document would be better postponed until May.
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The main reason for the delay is the lack of a final compromise between banks and crypto industry representatives over stablecoin yield.
The Sticking Point
The banking industry opposes allowing interest payments on idle stablecoin balances. They fear a mass exodus of deposits from traditional banks, especially small regional institutions. Crypto companies, in turn, view such restrictions as a threat to innovation and market development.
Tillis, who is leading negotiations between the parties, emphasized the importance of thorough discussion.
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“For me, it is very important not to rush the process, to hear everyone out, and to give them a rational explanation of what we ultimately adopt,” Tillis said.
Crypto Industry’s Position
That same day, the Digital Chamber urged the Banking Committee leadership to bring the bill to a vote as soon as possible. The letter emphasized that more than 70 million Americans already use digital assets and have long awaited regulatory clarity.
Earlier in March, the parties were close to an agreement allowing yield tied to user activity but not to passive stablecoin holdings. However, a final consensus has yet to be reached.
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