TLDR
US lawmakers are shifting their target to a May committee markup for the main US crypto market structure bill, the CLARITY Act.
- Senator Thom Tillis is asking the Senate Banking Committee to schedule a May markup of the CLARITY Act, moving it from talks into formal debate and amendments.
- The main holdup is how the bill treats stablecoin yield, with banks lobbying hard to restrict interest-like rewards, while crypto firms push to keep some yield features.
- Timing is critical: if the bill does not clear committee by mid?May, its chances of becoming law this year fall sharply, keeping US crypto in a gray regulatory zone.
Deep Dive
1. What A May Markup Actually Means
Senator Thom Tillis has urged Banking Committee Chair Tim Scott not to hold an April markup of the CLARITY Act, but instead to aim for May, giving negotiators more time to finalize terms around stablecoins and other points. In Senate procedure, a markup is where committee members debate, amend, and vote on the draft bill before it can go to the full Senate, so putting it on the May calendar would be a concrete step forward rather than just talk. Reports note that Tillis has told colleagues that May is the workable window for moving the crypto market structure bill ahead in committee.
A May markup would signal real progress, but until the committee actually notices that session, this remains a plan, not a done step.
2. Why Stablecoin Yield Is The Sticking Point
Most reporting agrees the central fight is over stablecoin yield, meaning whether issuers or platforms can pay interest-like rewards on stablecoin balances. Banking groups warn that generous stablecoin yields could pull large deposits out of traditional banks, especially smaller community banks, and are lobbying to tighten or even ban such rewards. Crypto companies argue that an aggressive ban would hurt innovation and push users and projects offshore; a draft compromise floated in talks would ban rewards on idle balances but allow limited rewards tied to active on-chain use.
Expect any eventual deal to include strict limits on passive savings account style stablecoin yield, even if some activity-based rewards survive.
3. Why The Calendar Matters For Crypto
The CLARITY Act already passed the House in 2025 with wide bipartisan support, but it cannot reach a Senate floor vote without first clearing the Banking Committee markup. Analysts and advocates warn that if the committee does not act by roughly mid?May, the compressed 2026 calendar and the run?up to November elections could push the bill into 2027 or later. Commentators note that this bill would define which tokens are securities versus commodities and split oversight between the SEC and CFTC, which many institutions say they need before expanding US crypto exposure.
Crypto users and builders should watch for a formal May markup notice; if it slips again, the current US regulation by enforcement environment is likely to persist.
Conclusion
A May markup push keeps the CLARITY Act alive, but only if Senate leaders actually lock in that session and resolve the stablecoin yield fight. If they succeed, the bill could finally give US markets a clearer rulebook for token classification, stablecoins, and exchanges. If they miss the narrow May window, meaningful federal crypto legislation in the US may be delayed for years, keeping regulatory uncertainty as a core structural risk for the market.
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