Gate News message, April 25 — The Clarity Act, a key U.S. crypto regulatory bill, faces mounting pressure as Senator Thom Tillis recommended delaying the Senate Banking Committee markup to May 2026, citing intense lobbying from the North Carolina Bankers Association (NCBA). The NCBA is pushing for a total ban on stablecoin yields, warning that even activity-based rewards permitted in the current draft could trigger deposit flight to stablecoins.
In contrast, the NC Blockchain & AI Initiative argues that the yield ban is counterproductive and risks pushing capital offshore or into unregulated structures. The group notes that the GENIUS Act already brings stablecoin issuers under federal oversight with strict reserve and capital requirements, making a yield ban redundant. Leading crypto advocacy groups, including the Digital Chamber and major crypto firms, are demanding immediate legislative action, emphasizing that over 270 days have passed since the House approved its version of the bill. Senator Bernie Moreno (R-Ohio) issued an ultimatum on April 22, declaring that the Clarity Act must pass Congress by end of May or face indefinite shelving.
The White House Council of Economic Advisers released a 21-page report criticizing continued bank lobbying, noting that stablecoin yield would displace only 0.02% (~$2.1 billion) of total bank loans, contradicting the banking industry’s claim that a yield ban is necessary to protect deposits. The report argues that imposing an estimated $800 million in costs on consumers is unjustified. Treasury Secretary Scott Bessent has warned that regulatory delays could push digital asset innovation toward Singapore and Dubai.
Polymarket odds of the Clarity Act passing in 2026 rose from 38% to 46% following Moreno’s April 22 statement, though observers note the probability remains below confidence levels. Meanwhile, the FDIC and OCC are already developing rules to operationalize the GENIUS Act framework for stablecoin issuers.
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