Momentum around the U.S. CLARITY Act markup has slowed further after the Senate Banking Committee failed to signal any markup schedule before the end of the week, pushing expectations into May and raising doubts over the bill’s near-term progress.
Eleanor Terrett reported that no update came from Senator Tim Scott or Senate Banking Committee Republicans regarding a markup for next week. Friday was viewed as the informal cutoff to announce proceedings before the Senate enters recess, and the absence of any notice has effectively removed the April window.
April Window Closes as Senate Schedule Tightens
While hearings can technically be scheduled on short notice, the lack of formal communication makes an April markup increasingly unlikely. The Senate is set to enter a weeklong recess on Thursday, further narrowing the remaining timeframe.
Attention is now shifting toward early May, with multiple industry and Senate sources indicating the markup is more likely in the second week of the month.
Competing Priorities Inside the Senate
Committee leadership may also be focused on a confirmation vote for Federal Reserve Chair nominee Kevin Warsh before turning to crypto legislation. This adds another layer of delay to an already compressed schedule.
Senator Thom Tillis has requested additional time to engage with banking groups on the stablecoin yield issue and has pushed for draft text to be released publicly ahead of markup. However, no draft has been circulated, making a near-term schedule unlikely.
Industry Warning Signs and Growing Concern
The delay has triggered concern across parts of the crypto policy community. Analysts, including commentator Nic, noted that a key deadline passed without movement, suggesting weakening momentum for immediate progress.
With the Senate calendar tightening ahead of the Memorial Day recess, there are concerns that further delays could push the bill deeper into uncertainty or reduce its chances of advancing this year.
Lobbying Pressure Intensifies
Industry groups continue to push for action. The North Carolina Blockchain Initiative recently urged Senator Tillis to move the bill forward, arguing that opposition from banking groups over stablecoin yield does not reflect broader sentiment across the industry or state-level policymakers.
The group warned that restricting yield-bearing stablecoin products could drive innovation offshore, while framing the CLARITY Act as important for maintaining U.S. competitiveness in digital assets, especially in financial hubs like Charlotte.
Outlook Shifts to Mid-May
With no formal markup notice and limited legislative time remaining in April, expectations now center on a second week of May timeline. The delay leaves the CLARITY Act’s path forward increasingly dependent on Senate coordination and resolution of stablecoin-related disagreements.
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