Sen. Thom Tillis, R-N.C., speaks to a reporter as he arrives for the Senate Republicans’ lunch meeting in the U.S. Capitol on Wednesday, March 11, 2026.
Bill Clark | Cq-roll Call, Inc. | Getty Images
Crypto companies such as Coinbase are calling for Congress to advance a major market structure bill known as the CLARITY Act as soon as next week after senators released compromise language meant to end a battle 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. — would ban crypto companies from giving yield-like rewards for holding stablecoins, which banks warn would lead to fewer deposits and less capital for them to loan. However, it would allow rewards if users spend or use stablecoins.
The rules-of-the-road crypto bill is the top priority for the crypto industry, and the Trump White House is actively pushing for it. The fierce debate over stablecoins was seen as the main hurdle to get the bill through the Senate Banking Committee, although other disagreements remain.
The crypto industry embraced the text, with Coinbase CEO Brian Armstrong posting on X that the committee should “mark it up,” which means take a vote in the Senate Banking Committee.
Blockchain Association CEO Summer Mersinger said in a statement that the legislation is “a step in the right direction and we urge the Committee to move forward without delay.”
The Banking Committee has yet to announce an initial vote on the bill. Banking Committee Chair Tim Scott, R-S.C., on Monday said in an X post that the panel is “nearing consensus, and is working toward a bipartisan markup in May.”
It’s not clear whether all 13 Republican members are ready to vote yes — part of the reason a planned January vote on the bill was canceled.
A major unknown is the banking industry, which hasn’t publicly weighed in on the new text. A source in the industry, who spoke on condition of anonymity to discuss private talks, said groups took the weekend to review the language and are concerned it could contain loopholes the industry dislikes such as allowing interest-like payments.
If the banking industry’s concerns are enough to lead some Republicans to vote no, then a vote this month would be in jeopardy. But Tillis — a banking industry ally — told CNBC in a quick interview he is satisfied and has encouraged Banking Committee Chair Tim Scott, R-S.C., to schedule the committee vote.
If a vote does happen, it will likely be along partisan lines. While a number of Democrats have been working with Republicans and want to pass a bill, differences remain including ethics provisions.
Alsobrooks said while she was satisfied with the agreement on rewards for stablecoins, other areas raised concerns and the bill needs “some more compromise and improvement” before she can support it.
Sen. Bernie Moreno, R-Ohio, said while he hopes the bill will have bipartisan support in committee, he’s not expecting it.
“It’s probably going to pass Banking as a partisan bill and then we’ll solve whatever last-minute concerns the Democrats have,” he said.
He likened negotiating with Democrats to Charlie Brown attempting to kick the football before Lucy yanks it away at the last minute.
“They constantly add things that they want, and I get it. We’ve been extremely accommodating,” he said. “But at some point, you gotta put the pen down.”
