Thom Tillis said he intends to push the Senate Banking Committee to act on the long-delayed crypto market structure bill, noting that the legislation has progressed enough to warrant another vote.
Speaking to reporters on Wednesday, Tillis said he will ask Committee Chairman Tim Scott to schedule a markup when the Senate returns on May 11.
“We’ve made significant progress,” Tillis said, adding that without the pressure of a formal markup, opponents will continue to stall with additional concerns. He emphasized that it’s time to bring the bill before the committee and move it ahead.
The proposed legislation would define how US regulators oversee the crypto market. While the House has already passed its version — the CLARITY Act — in July, the Senate’s counterpart has faced repeated delays as lawmakers and industry stakeholders negotiate changes.
The Senate Banking Committee postponed a planned markup of the crypto bill in January after Coinbase withdrew its support, objecting to a provision that would bar crypto exchanges from offering yield on stablecoins.
Banking industry advocates have pushed to keep that restriction in place, arguing it would close what they see as a loophole in the GENIUS Act, which already prevents stablecoin issuers from paying yield.
“I believe we’ve heard the concerns and addressed many of them,” said Thom Tillis, adding that further compromises may be possible if stakeholders engage constructively. Otherwise, he plans to urge Committee Chairman Tim Scott to proceed with scheduling the markup.
Tillis also said he aims to release the bill’s text publicly at least four days before the markup, following a preview for both crypto and banking stakeholders.
Other unresolved issues include ethics rules and legal protections for software developers. According to a report by Politico, Tillis noted the bill must address law enforcement concerns tied to provisions that would shield developers from prosecution if third parties misuse their platforms.
He expressed general support for the progress made by Cynthia Lummis on that front.
Separately, Tillis aligned with a key demand from Senate Banking Democrats, stating he would not back the legislation unless it includes ethics provisions limiting how government officials can engage with and promote crypto. “There has to be ethics language in the bill before it leaves the Senate,” he said, warning he would otherwise oppose it.
