Banks insist on blocking stablecoins! Senator Tillis issues an ultimatum: No crypto bill without ethical provisions.

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Thom Tillis, a key Republican member of the Senate Banking Committee, announced that he will push for the crypto market regulation bill, which has been stalled for months, to enter the voting process after the Senate reconvenes on May 11. However, he issued a stern warning: if the bill does not include ethical provisions restricting government officials from using cryptocurrencies, he will shift from a negotiator to a "no" vote. The bill is currently deadlocked over the stablecoin yield ban, which has been delayed since January due to Coinbase withdrawing its support. (Context: Clarity Act accelerates! Senator Thom Tillis previews the advancement of the CLARITY Act to review, with stablecoin yield provisions to be released soon.) (Background: Flash: Walsh's nomination as Fed Chair approved by the Senate Banking Committee! Next step is a full Senate vote, with a crypto-friendly chair set to take office.) U.S. Senator Thom Tillis told reporters on Wednesday that after the Senate reconvenes on May 11, he will ask Senate Banking Committee Chairman Tim Scott to "schedule a markup for the bill," putting the stalled crypto market regulation bill back on track for a vote. Tillis stated bluntly at the press conference: "I think we've made a lot of progress. But at the end of the day, unless you have a forcing mechanism like a markup, people who don't really want to move the bill will always find one more thing to talk about. It's time to get the bill to the committee and move it forward." This crypto market regulation bill aims to clarify the regulatory jurisdiction over crypto assets between the two major U.S. financial regulators—the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The House version of the CLARITY Act was passed last July, but the Senate version has been in a stalemate since January of this year. The trigger is the stablecoin yield ban provision: the bill prohibits third parties, such as crypto exchanges, from paying stablecoin yields to users. In January, crypto lobbying giant Coinbase withdrew its support for the bill due to opposition to this provision, leading the Senate Banking Committee to postpone the markup. Banking industry lobbyists support the provision, arguing that banning third-party stablecoin yield payments closes a "loophole" in the GENIUS Act (which prohibits stablecoin issuers from paying yields). Tillis said, "I believe we have heard and addressed many of the banking industry's concerns. If they are willing to work in good faith, perhaps we can resolve a few more issues; otherwise, I will urge the Chairman to proceed directly to a markup." He added that he hopes to release the bill text at least four days before the markup and allow crypto and banking industry stakeholders to preview it. In addition to stablecoin yields, another controversial provision in the bill involves legal protections for software developers. This provision aims to protect crypto software developers from being prosecuted for illegal activities conducted by others on their platforms. Politico reported on Tuesday that Tillis said the bill "needs to address the concerns of law enforcement regarding this provision." However, he told reporters on Wednesday that he "generally supports" the progress made by Senator Cynthia Lummis on this provision. The most damaging statement came on Monday: Tillis publicly supported the demands of the Democratic faction of the Senate Banking Committee, declaring that if the bill does not include ethical provisions restricting government officials from using and promoting cryptocurrencies, he will vote against it. "The bill must include ethical language before it leaves the Senate, or I will go from being one of the people negotiating it to one of the people voting against it," Tillis said firmly. This announcement sent shockwaves through the bipartisan bill—as a key Republican on the Senate Banking Committee, if Tillis turns against it, the chances of the bill passing in the committee will drop significantly. The bill currently faces three major tug-of-wars: - Stablecoin yield ban: Opposing positions between Coinbase and banking industry lobbyists. - Developer protection: Law enforcement concerns vs. industry innovation demands. - Ethical provisions: The red line for Democrats and Tillis vs. internal Republican divisions. Tillis's strategy is clearly to "advance the markup first, then resolve differences through amendments." However, given the entanglement of various interests, whether the bill can successfully enter the voting process after the May 11 reconvening remains full of variables. If the bill is eventually passed in the Senate, it will enter a reconciliation process with the House version to form the first comprehensive crypto market regulatory framework in the U.S.—but for now, even the first step has yet to be firmly taken.

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Clarity Act gains momentum! Senator Thom Tillis announces plans to advance the Clarity Act for review, with stablecoin yield provisions set to be unveiled.

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