The process for the Clarity Act, one of the most important legislative bills for cryptocurrency regulation in the US, is gaining momentum. Thom Tillis announced that the bill is ready to move to the next critical stage, the committee “markup” process.
Tillis told reporters on Capitol Hill that he would ask the committee chair to create a review timetable for the bill once Congress reconvenes. The Republican senator stated, “We’ve made significant progress, and it’s now time to bring the bill to the committee.”
Tillis stated that objections from the banking sector regarding stablecoin yields, one of the most controversial aspects of the bill, have been largely addressed, and he also conveyed the message that they are “open to working in good faith” with parties who wish to contribute to the process.
Speaking about the timing, Tillis stated that the draft legislation regarding stablecoin yields is planned to be shared approximately 4-5 days before the committee’s review. This step is said to allow stakeholders to examine the bill in advance.
On the other hand, another notable aspect of the bill was the regulations concerning decentralized finance (DeFi) and software developers. Tillis, specifically addressing the debates surrounding how developers should be assessed under Section 1960 of the Money Laundering Act, stated that he generally supported Cynthia Lummis’s approach.
Senator Lummis, in a statement on the matter, said, “We have made significant progress on protective measures against money transfer laws for developers who lack control,” indicating that negotiations were progressing positively.
Growing optimism among industry representatives and Senate Banking Committee staff suggests the bill could reach committee stage in the short term. With the stablecoin issue largely resolved, the focus has now shifted to ethical regulations and the DeFi framework.
According to insider information, it is more likely that the provisions regarding ethical regulations will be added after the bill reaches the Senate plenary session. This suggests that the final version of the Clarity Act may be further shaped in the process.
*This is not investment advice.