Senator Thom Tillis, R-N.C., speaks to a reporter as he arrives for a lunch meeting of Senate Republicans at the U.S. Capitol on Wednesday, March 11, 2026.
Bill Clark | CQ-Roll Call, Inc. | getty images
Crypto companies like coinbase Congress is being called on to advance a major market structure bill called the Clarity Act after senators released compromise language next week that aims to end the fight between banks and crypto over when rewards can be offered on stablecoins.
The proposal – from Sens. Thom Tillis, R-N.C., and Angela Alsobooks, D-Md. – Crypto companies will be banned from offering yield-like rewards for holding stablecoins, which banks have warned will reduce deposits and reduce capital for lending. However, it will allow rewards if users spend or use stablecoins.
The crypto bill is a top priority for regulation of the crypto industry, and the Trump White House is actively pushing for it. The heated debate over stablecoins was seen as the main obstacle to getting the bill through the Senate Banking Committee, although other disagreements remain.
Crypto Industry Embraces Lessons With Coinbase CEO Brian Armstrong posting on x That the committee should “mark it up”, meaning taking a vote in the Senate Banking Committee.
Summer Mersinger, CEO of the Blockchain Association, said in a statement that the legislation “is a step in the right direction and we urge the committee to move forward without further delay.”
The Banking Committee has not yet announced a preliminary vote on the bill. Banking Committee Chairman Tim Scott, R.S.C., on Monday said in an x post That the panel is “close to consensus, and working toward a bipartisan markup in May.”
It’s unclear whether all 13 Republican members are willing to vote yes — which is why a planned vote on the bill in January was canceled.
A major unknown is the banking industry, which has not publicly considered the new text. An industry source, who spoke on condition of anonymity in a private conversation, said the groups took the weekend to review the language and were concerned it might contain loopholes like allowing interest-like payments that the industry dislikes.
If banking industry concerns are enough to prompt some Republicans to vote no, a vote this month could be in jeopardy. But Tillis — a banking industry aide — told CNBC in a quick interview that he is satisfied and has asked Banking Committee Chairman Tim Scott, R.S.C. are encouraged to schedule a committee vote.
If there is a vote, it will likely be on a partisan basis. While many Democrats are working with Republicans and want to pass a bill, differences remain, including over the ethics provisions.
Alsobrooks said that while she was satisfied with the agreement on rewards for stablecoins, other areas raised concerns and that she needed “a few more compromises and improvements” before she would support the bill.
Sen. Bernie Moreno, R-Ohio, said he hopes the bill will get bipartisan support in committee, but he doesn’t expect it to.
“It’s probably going to pass banking as a partisan bill and then we’ll address whatever concerns the Democrats have,” he said.
He compared the negotiations with the Democrats to Charlie Brown attempting to kick a football before Lucy throws it away at the last minute.
“They constantly add things they want and I get it. We’ve been extremely supportive,” he said. “But at some point, you have to put the pen down.”