Senator Thom Tillis said he will seek to move the CLARITY Act to a committee markup when the Senate returns from its May recess, signaling that negotiations around key provisions have largely been resolved.
According to an X post shared by Eleanor Terrett on Wednesday, the Republican member of the Senate Banking Committee indicated he will ask Chair Tim Scott to schedule the markup, arguing the bill is ready to advance after recent revisions.
He said, “I’m going to ask the chair to move forward with scheduling a markup when we get back… I think we’ve made a lot of progress… and it’s time to get it before the committee to move it forward.”
Banking concerns over stablecoin yields addressed
According to the X post, Tillis said discussions with the banking sector over stablecoin-related provisions have made progress, particularly around concerns that yield-bearing stablecoins could draw deposits away from traditional banks.
He noted that most of those concerns have now been addressed in the draft, clearing a key obstacle that had slowed movement within the committee.
Timeline and legislative process
The senator outlined plans to circulate updated legislative text on stablecoin yield provisions several days ahead of a markup. This would allow stakeholders to review the language before formal consideration begins.
Advancing the bill at the committee level would mark a procedural step forward as lawmakers work against a limited legislative window ahead of the Senate’s extended August recess.
Lummis signals May timeline and near-final text
Meanwhile, Senator Cynthia Lummis said on April 28 that lawmakers are close to finalizing the bill and expect to move it forward soon. Speaking at The Bitcoin Conference, she said a markup could take place in May and expressed confidence that the legislation can reach the “finish line.”
Lummis, who chairs the Senate Banking Subcommittee on Digital Assets, said both stablecoin provisions and broader market structure language are nearly finalized.
The bill, formally titled the Digital Asset Market Clarity Act of 2025 (H.R. 3633), seeks to define regulatory boundaries for digital assets, distinguishing between commodities and securities while assigning oversight roles to the SEC and CFTC. It also includes provisions aimed at protecting non-custodial technology and limiting regulatory overreach.
Committee dynamics and vote outlook
With Tillis signaling support, the committee could move the bill forward along party lines if needed. Earlier, securing full Republican backing had been cited as a prerequisite for scheduling a markup. His shift suggests internal alignment may be close, even as broader bipartisan support remains uncertain.
Tillis also addressed concerns tied to provisions affecting decentralized finance and software developers, particularly how existing criminal statutes could apply. He referenced the approach taken by Cynthia Lummis, indicating general support for the bill’s current direction on those issues.
The CLARITY Act is part of ongoing efforts in the Senate to define regulatory boundaries for digital assets, including stablecoins and decentralized systems. Its progress in committee will determine whether it advances to a full Senate vote in the coming months.
Also Read: CLARITY Act’s April Fugazi: Trump Demands It, Everyone Says Yes, But Where Is It?
