US Senate Crypto Market Structure Bill Advances as Banking Committee Push Grows

A key push is underway in Washington as Republican Senator Thom Tillis signals renewed momentum to move forward with long-delayed crypto market structure legislation in the Senate Banking Committee.

CLARITY Act Senate Version Moves Toward Committee Vote

Tillis stated that the Senate’s version of the CLARITY Act has made “a lot of progress” and is now ready for a committee markup vote once lawmakers return on May 11. He plans to urge Senate Banking Committee Chairman Tim Scott to schedule the session, emphasizing that delays are largely driven by unresolved stakeholder objections.

The bill aims to define how the two main US financial regulators oversee crypto markets, aligning regulatory responsibilities more clearly across digital assets. While the House passed its version in July, the Senate process has been slowed by continued revisions and lobbying pressure.

Stablecoin Yield Rules Remain Key Point of Conflict

One of the main sticking points involves a provision restricting crypto exchanges from offering stablecoin yields. Earlier delays followed Coinbase withdrawing support over this clause, while banking groups argue the restriction is necessary to close perceived regulatory gaps related to the GENIUS Act.

Tillis said many banking concerns have been addressed but noted that final agreement depends on continued “good faith” negotiation among stakeholders.

Ethics and Developer Protections Also Under Debate

Additional disputes remain over ethics rules and legal protections for crypto software developers. Lawmakers are considering provisions shielding developers from liability if third parties misuse decentralized platforms.

Tillis indicated general support for revisions led by Senator Cynthia Lummis but stressed that the bill must also include ethics restrictions on government officials’ crypto involvement, or he would oppose its passage.

Push for Legislative Momentum Builds

Tillis also plans to request that the updated draft be publicly released several days before markup to allow review by industry and banking stakeholders. With negotiations ongoing, the bill’s advancement now hinges on resolving final regulatory, ethics, and liability concerns before reaching a committee vote.