NC blockchain leaders urge CLARITY Act action

TLDR

Blockchain leaders in North Carolina are urging Senator Thom Tillis to advance the federal CLARITY Act, pushing back against local banking groups that want tougher limits on stablecoin yield.

1. The North Carolina Blockchain and AI Initiative sent a formal letter asking Tillis to move the CLARITY Act to markup, arguing that banks do not speak for the whole state on crypto policy.
2. The CLARITY Act would create a federal rulebook for digital assets and stablecoins, and industry groups warn that delays risk pushing capital and innovation offshore.
3. The bill is now unlikely to move before mid May as senators haggle over stablecoin yield rules, so the next few weeks are critical for whether the act advances at all.

Deep Dive

1. What NC Leaders Are Pushing For

The North Carolina Blockchain and AI Initiative has sent a formal letter urging Senator Thom Tillis to move the Clarity for Payment Stablecoins Act to committee markup, directly opposing the North Carolina Bankers Associations stance against interest on stablecoins. The group argues that a blanket ban on stablecoin yield would drive capital offshore and harm North Carolinas growing fintech and blockchain ecosystem, especially in Charlotte, which they highlight as a major U.S. banking hub. They also note that some smaller banks and credit unions in the state do not share the big-bank trade groups concerns, undercutting claims that the banking sector is united against the bill.

The letter points out that the earlier GENIUS Act already brought stablecoin issuers under federal oversight, with reserve and audit requirements, and presents the CLARITY Act as a logical next step in that framework.

2. Why The CLARITY Act Matters For Crypto

The CLARITY Act, formally a digital asset market structure bill, aims to clearly divide responsibilities between the SEC and CFTC and set federal rules for stablecoins and other tokens, replacing the current patchwork of guidance. Industry advocates say it would allow regulated interest on certain stablecoins, require one to one reserves in cash or Treasuries, and give banks and fintechs a clearer path to offer digital asset services under federal licenses.

Over 120 crypto companies, including Coinbase, Ripple, Kraken, Circle and major venture firms, have signed a joint letter urging the Senate Banking Committee to schedule markup, warning that continued delay will push investment and jobs overseas and cede regulatory leadership to other jurisdictions. This campaign sits alongside the North Carolina push and shows how central the CLARITY Act has become to U.S. crypto policy debates.

3. Timeline, Yield Fight, And What To Watch

Despite a bipartisan compromise that would ban passive yield on stablecoin balances while allowing activity based rewards, U.S. banking associations, including the North Carolina Bankers Association, are lobbying to reopen the deal and tighten yield rules. This resistance has already pushed the Senate Banking Committees markup window from April into at least the second week of May, with committee time also consumed by other priorities such as the Federal Reserve chair nomination.

Senators like Bernie Moreno have warned that if the bill does not clear the Senate by roughly the end of May, it could be pushed off the agenda for years, especially as the 2026 election cycle intensifies. For crypto users and builders, the key signals to watch are: a public draft of the Senate bill, a formal Banking Committee markup date, and whether the final text preserves some form of stablecoin reward structure rather than a total ban.

Conclusion

North Carolinas blockchain advocates are trying to counter their own states banking lobby and keep the CLARITY Act on track, because they see stablecoin friendly rules and a clear federal framework as critical for U.S. and local competitiveness. The outcome of the stablecoin yield fight and whether the Senate Banking Committee actually marks up the bill in May will go a long way toward determining how, and where, major crypto businesses build in the coming years.