U.S. lawmakers are preparing to move the long-delayed Clarity Act into formal markup, signaling a potential turning point for stablecoin regulation. The shift brings renewed focus to how yield-bearing crypto products and developer responsibilities will be defined under federal law.
Rosalia Mazza
Senator Thom Tillis said he plans to push the bill into the Senate Banking Committee’s review stage following the upcoming congressional recess. He indicated that updated legislative text addressing stablecoin yield will be released days before the hearing to allow industry feedback. According to reporting from Eleanor Terrett, Tillis believes there is now “a significant consensus” among lawmakers on the path forward.
🚨NEW: @SenThomTillis (R-NC) says he’s ready to push the Clarity Act forward to a markup.
— Eleanor Terrett (@EleanorTerrett) April 29, 2026
“I’m going to ask the chair to move forward with scheduling a markup when we get back… I think we’ve made a lot of progress… and it’s time to get it before the committee to move it…
Will Stablecoin Yield Be Treated Like Bank Interest?
The core dispute centers on whether stablecoin issuers and platforms should be allowed to offer yield on user balances. Draft provisions discussed in recent negotiations would restrict firms from providing returns that resemble traditional bank interest, while permitting limited rewards tied to platform activity. The debate has already delayed progress once as banks and crypto firms clash over risk exposure and competitive parity.
Stablecoins currently account for more than $150 billion in circulating supply, according to data from CoinGecko, underscoring their growing role in global payments and liquidity flows. But regulatory uncertainty in the U.S. has constrained product design compared to jurisdictions like the European Union, where MiCA frameworks provide clearer guidelines.
Tillis said most banking sector concerns around stablecoin yield have been addressed in recent revisions, urging remaining critics to “participate in good faith to improve the legislation.” He also voiced support for elements of Senator Cynthia Lummis’s framework, particularly around limiting the scope of liability for non-custodial software developers. The proposal aims to clarify that developers who do not control user funds should not be treated as money transmitters under existing statutes.
The outcome of these negotiations could reshape how crypto firms structure yield products and compliance strategies in the U.S. market. It may also determine whether developers face increased legal exposure when publishing open-source blockchain code. The next catalyst will be the release of updated bill text ahead of committee markup, which will reveal how lawmakers balance innovation with financial safeguards.
