U.S. Senator Thom Tillis said he will push the Senate Banking Committee to advance the stalled Crypto Market Structure Act, as the bill’s text has made progress and is ready for another vote.
As a key Republican on the Senate Banking Committee, Thom Tillis told reporters on Wednesday that when the Senate reconvenes on May 11, he will ask Senate Banking Committee Chairman Tim Scott to move forward with scheduling consideration of amendments.
“I think we’ve made a lot of progress,” Tillis said. “But ultimately, without a mandatory process for amending, anyone who truly doesn’t want this to pass will just find another issue to debate. I think it’s time to send it to committee and move forward.”
The Senate's Crypto Market Structure Act will clarify how the two most influential U.S. financial regulators oversee crypto assets. The House passed its version of the bill, the CLARITY Act, in July, but the Senate version has been repeatedly delayed as lawmakers and lobbyists seek to amend its provisions.
Thom Tillis held a brief interview with reporters on Wednesday. Source: Chase Williams
Following Coinbase, a leading crypto lobbying group, withdrew its support over a provision banning crypto exchanges from paying yields on stablecoins, the Senate Banking Committee postponed consideration of the amendment in January.
Banking lobbyists have been working to retain the provision, arguing that prohibiting third parties from paying yields on stablecoins closes a perceived loophole in the GENIUS Act, which bans stablecoin issuers from paying yields.
“I believe we have listened to these concerns and addressed many of the banks’ worries,” Tillis said. “If they are willing to cooperate in good faith, there may still be a few issues we can resolve; otherwise, I will urge the chair to move forward with the amendment’s consideration.”
Tillis added that he hopes the legislative text will be publicly released at least four days before the amendment is reviewed, allowing crypto and banking stakeholders to preview it in advance.
Other provisions in the bill that remain unresolved concern ethical guidelines and protections for software developers.
Politico reported on Tuesday that Tillis said the crypto bill "needs to address law enforcement concerns," as one provision aims to shield cryptocurrency software developers from liability when others use their platforms to engage in illegal activities.
Tillis told reporters on Wednesday that he “generally supports” the progress Senator Cynthia Lummis has made on the provision.
On Monday, Tillis supported a demand made by Democrats on the Senate Banking Committee, stating that he would not back the bill unless it included ethics provisions limiting how government officials can use and promote crypto assets.
“Before the bill leaves the Senate, ethical provisions must be added; otherwise, I will shift from being one of the negotiators to voting against it,” said Tillis.