US Senator Tillis to push Senate Banking vote on stalled crypto bill

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Thom Tillis holding a press gaggle with reporters on Wednesday. Source: Chase Williams The Senate Banking Committee delayed the bill’s markup in January after major crypto lobbyist Coinbase pulled its support over a provision banning crypto exchanges from paying stablecoin yields. Banking lobbyists have fought to keep the provision in the legislation, arguing that banning third parties from paying stablecoin yields closes a perceived loophole in the GENIUS Act, which prohibits stablecoin issuers from paying yield. “I believe we’ve heard the concerns [and] addressed a lot of the concerns of the bank,” Tillis said. “There may be a few more that we can get there if they want to come and work in good faith; otherwise, I'm going to encourage the chair to move forward with the markup.” Related: Key US senator lifts block on Trump’s Fed pick Kevin Warsh Tillis added that he hoped to publicly release the legislative text at least four days before the markup, after crypto and banking stakeholders are given a preview. Other provisions at issue in the bill, which senators have worked to resolve, concern ethics and protecting software developers. On Tuesday, Politico reported that Tillis said the crypto bill would “need to address the law enforcement concerns” around a provision that would protect crypto software developers from prosecution if others commit illegal activity on their platforms. Tillis told reporters on Wednesday that he was “generally in support” of the progress Senator Cynthia Lummis had made on the provision. On Monday, Tillis backed a demand popular among Senate Banking Democrats, saying he wouldn’t support the bill unless it included ethics provisions limiting how government officials can use and promote crypto. “There has to be ethics language in the bill before it leaves the Senate, or I’ll go from one of the people working on negotiating it to voting against it,” Tillis said. Magazine: Will the CLARITY Act be good — or bad — for DeFi?

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