Senator Tillis Prepares to Advance the Clarity Act to Committee Review Stage

On April 29, Fox Business reporter Eleanor Terrett revealed that U.S. Republican Senator Thom Tillis stated he is ready to push the Clarity Act into the committee for line-by-line amendment review. In an interview on Capitol Hill, Tillis said, "We have made a lot of progress, and it is time to submit the bill to the committee for further advancement." He mentioned that he would request the committee chair to schedule a formal review after Congress reconvenes. Regarding the controversy over stablecoin yields, Tillis noted that most concerns from the banking sector have been heard and addressed, while welcoming all parties to continue to "engage in discussions in good faith." In terms of timing, Tillis expressed hope to release the legislative text concerning stablecoin yield provisions 4 to 5 days before the formal review, providing a preview version to relevant stakeholders in advance. Additionally, regarding the responsibilities of software developers and the potential impact of 1960 criminal regulations on law enforcement, Tillis expressed overall support for the legislative direction currently being promoted by Cynthia Lummis.