The fate of a major U.S. cryptocurrency market structure bill, the Clarity Act, now largely depends on the support of Senator Thom Tillis (R-NC). The White House recently sent revised legislative text to Tillis's office following weeks of negotiations between crypto firms and traditional banks. Sources familiar with the discussions describe recent meetings between Tillis, industry representatives, and White House officials as "moving in the right direction," potentially paving the way for the bill to return to the Senate Banking Committee for a markup.
The central obstacle remains a dispute over stablecoin yield rewards. Amendments co-sponsored by Senator Tillis and Senator Angela Alsobrooks sought to restrict the scope of yield rewards issued by crypto firms, a move that previously led Coinbase to withdraw its support for the bill. Industry groups, including The Digital Chamber, are now drafting revised language in an attempt to forge a compromise acceptable to both banks and crypto companies. Digital Chamber CEO Cody Carbone noted, "Sen. Tillis has been very receptive to our discussions about stablecoin yield," expressing optimism about securing his vote.
The debate over yield has sparked a broader public discussion on social media platform X, with commentators framing it as a battle for control over the future of digital dollars. One widely shared post stated, "Notice how the entire debate keeps circling back to stablecoin yield. Because yield determines who captures the value of digital dollars. Banks want deposits. Crypto wants programmable money. That’s the real market structure battle." Industry sources confirm the issue has "taken a lot of oxygen out of the room," leaving other provisions, including those related to decentralized finance (DeFi), with less focus.
Political friction is adding pressure to the timeline. Former White House communications director Anthony Scaramucci, during a March 4 webinar, stated that crypto has become "too politicized," slowing legislative progress. He attributed part of the slowdown to President Donald Trump's crypto ventures and public behavior, suggesting partisan tensions may cause some lawmakers to resist giving the administration a legislative win. Despite this, Scaramucci predicted Bitcoin could reach $100,000 by the end of 2026 if the Clarity Act passes.
Ripple CEO Brad Garlinghouse has also weighed in, commenting after President Trump urged lawmakers to act. Garlinghouse described the message as directed at those delaying the bill, emphasizing the measure concerns what is "in the best interest of the American people." The bill could still advance through the Senate Banking Committee on a party-line vote even without Democratic support, but Senator Tillis's position remains critical if bipartisan backing does not materialize. Industry representatives indicate the next three weeks will be crucial for resolving the stablecoin yield language, with a potential committee markup possible later in March.
