Sen. Thom Tillis speaks to reporters as he arrives for the Senate Republican luncheon at the U.S. Capitol on Wednesday, March 11, 2026.
Bill Clark | Cq-roll Call Inc. | Getty Images
Encryption companies such as coinbase Senators are calling on Congress to advance a major market structure bill, known as the CLARITY Act, as early as next week after the senators released compromise language aimed at ending a fight between banks and cryptocurrencies over the timing of stablecoin rewards.
The proposal comes from Sen. Thom Tillis (RN.C) and Sen. Angela Allbooks (D-Md.). The move would prohibit crypto companies from offering yield-like rewards for holding stablecoins, which banks have warned could lead to fewer deposits and less capital for lending. However, users will be rewarded when they spend or spend their stablecoins.
A rules-of-the-road cryptocurrency bill is a top priority for the cryptocurrency industry, and President Trump is actively promoting it. The heated debate over stablecoins is seen as the main obstacle to passing the bill through the Senate Banking Committee, but other disagreements remain.
The crypto industry accepted the text, with Coinbase CEO Brian Armstrong posting on X that the committee should hold a “markup,” or vote in the Senate Banking Committee.
Summer Mersinger, CEO of the Blockchain Association, said in a statement that the bill is “a step in the right direction and we urge the committee to move forward without delay.”
The Banking Committee has not yet announced its first vote on the bill. Banking Committee Chairman Tim Scott, R.S., told the X Post on Monday that the committee is “close to an agreement and working towards a bipartisan rate increase in May.”
It’s unclear whether all 13 Republicans are prepared to vote yes, which is one reason a vote on the bill scheduled for January was canceled.
The main unknown is the banking industry, which has not publicly evaluated the new document. Industry sources, who spoke on condition of anonymity to discuss the matter privately, said groups had been reviewing the language over the weekend and were concerned it contained loopholes that the industry disliked, such as allowing interest-like payments.
This month’s vote could be in jeopardy if the banking industry’s concerns are enough to prompt some Republicans to vote against it. But Tillis, an ally of the banking industry, said in a brief interview with CNBC that he was satisfied and recommended that Banking Committee Chairman Tim Scott (R.S.C.) schedule a committee vote.
If a vote were to be taken, it would likely be along partisan lines. Many Democrats are working with Republicans to pass the bill, but differences remain, including on ethics rules.
Albrooks said that while he was happy with the agreement on stablecoin rewards, he had voiced concerns in other areas and needed “a little more compromise and improvement” to support the bill.
Sen. Bernie Moreno (R-Ohio) said he hopes the bill will receive bipartisan support in committee, but doesn’t have high expectations.
“We’ll probably get a banking bill passed as a partisan bill, and then we’ll address any last-minute concerns that Democrats have,” he said.
He compared negotiations with Democrats to Charlie Brown trying to kick a soccer ball before Lucy pulls it away at the last minute.
“They’re always adding things they want, and I understand that. We’ve been very accommodating,” he said. “But at some point you have to put down the pen.”
