Senator Tom Tillis says the bill has seen “significant progress in negotiations.”
Senator Tom Tillis has stated that he plans to bring the Digital Asset Market Transparency Act (CLARITY Act) before the Senate Banking Committee immediately after it reconvenes on May 11.
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Tillis will work alongside Committee Chairman Tim Scott.
“We have made significant progress. It is time to bring the CLARITY Act before the committee and move it forward,” the senator emphasized.
What Is the Issue With the CLARITY Act?
The main sticking point remains the provision prohibiting crypto exchanges from paying rewards on stablecoin balances. Banking lobbyists insist on keeping the ban, viewing it as important protection against deposit outflows.
It was this provision that led Coinbase to withdraw its support for the bill in January.
Read more: Senator Tillis Proposes Delaying CLARITY Act Consideration Until May
Tillis noted that many bank concerns have already been addressed.
“I believe we have listened to concerns and addressed many of them from the banks. There may be a few more points we can resolve if they want to come and work in good faith. Otherwise, I will urge the chairman to move the bill forward.”
Other contentious issues include ethics provisions and protections for software developers.
What to Expect Next
The senator expressed hope that the CLARITY Act text will be published at least four days before consideration so all interested parties can review it.
The House of Representatives passed its version of the bill back in July 2025. However, the Senate process has been significantly delayed due to numerous amendments and active lobbying.
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