Senator Tillis Commits to May 11 Markup Push as Final Talks Intensify

Senator Thom Tillis told Fox Business this week that he will push the Senate Banking Committee to schedule a markup for the Clarity Act when lawmakers return from recess on May 11, marking the clearest public commitment yet on timing from one of the bill’s key negotiators.

“I’m going to ask the chair to move forward with scheduling a markup when we get back,” Tillis said. “I think we’ve made a lot of progress. It’s time to get it before the committee and move it forward.”

The statement carries particular weight given that Tillis had been among the bill’s most vocal internal critics, raising concerns about stablecoin yield provisions and the bill’s treatment of software developers under 1960-era criminal statutes. His shift toward pushing for a markup signals that negotiations have moved far enough to proceed.

The Sticking Points That Remain

Tillis acknowledged that not every concern has been fully resolved but indicated the outstanding issues should not block the process from moving forward. On stablecoin yield, he said most bank concerns have been addressed, though some parties are still working through details. He invited remaining stakeholders to “come and work in good faith” rather than hold the bill hostage to every unresolved point.

The stablecoin yield debate has been one of the bill’s longest-running disputes. Coinbase previously withdrew support over restrictions on exchange-based yield offerings, arguing the limitations went too far. Banking industry groups have taken the opposite position, supporting the restrictions on the basis that they complement the GENIUS Act framework already in place for stablecoin issuers.

On the software developer question, Tillis pointed to Senator Lummis’s approach, saying he is “generally in support” of where the bill currently stands on that issue.

What Comes Next

Tillis outlined a specific sequencing for the final steps before a markup. Legislative text will be released to stakeholders before it is made public, with a window of at least four to five days between publication and the hearing date to give participants adequate time to review the language.

Ethics provisions, which Democrats have insisted must address executive branch crypto holdings including those of the Trump family, are still being actively negotiated. Sources familiar with the process say those provisions are more likely to be added after the bill reaches the Senate floor rather than incorporated at the committee stage, a sequencing that removes one potential blockage from the markup itself.

With midterm elections approaching and the legislative calendar tightening, the window for passing comprehensive crypto market structure legislation is narrower than it has ever been. Senator Cynthia Lummis has said publicly that failure to pass the bill in this Congress could push meaningful crypto legislation back to 2030. Galaxy Digital CEO Mike Novogratz has predicted President Trump could sign the bill as early as June if the Senate moves quickly.

May 11 is the first realistic opportunity to set that chain of events in motion.