Senator Thom Tillis said on April 15 that he is “guardedly optimistic” about stablecoin legislation and expects to schedule a markup in the coming weeks, signaling that months of stalled crypto policy negotiations may be approaching a turning point.
Tillis Still Negotiating Stablecoin-Yield Language
Fox Business reporter Eleanor Terrett reported from Capitol Hill that Tillis told her he was still “going back and forth” with stakeholders over stablecoin-yield text and whether draft language would be released publicly this week.
Tillis acknowledged that “open switches” remain under negotiation but said progress on enforcement and ethics language had shifted his outlook. He floated a potential “crypto palooza” that would bring in experts from banks and the crypto industry while senators resolve the remaining issues ahead of a committee markup.
The stablecoin-yield question sits at the center of the CLARITY Act debate. The GENIUS Act, signed in July 2025, already prohibits stablecoin issuers from paying yield directly to holders. The current negotiations focus on whether lawmakers should also close affiliate or third-party routes that let yield products reach consumers indirectly.
White House Research Raises the Stakes on Yield Rules
A White House research paper published on April 8 estimated that eliminating stablecoin yield entirely would increase bank lending by only $2.1 billion in its baseline calibration, while imposing a net welfare cost of $800 million on consumers.
Those numbers give ammunition to lawmakers who argue that a broad yield prohibition would hurt consumers more than it helps traditional banks. The paper’s findings help explain why stablecoin-yield language has become the central sticking point in CLARITY Act negotiations, as Senate gridlock over the CLARITY Act deadline has delayed progress for months.
The Senate Banking Committee had previously scheduled an executive session to consider H.R. 3633, the Digital Asset Market Clarity Act of 2025, on January 15, 2026, but that session was marked postponed. Committee Chair Tim Scott has publicly pushed for final passage of market-structure legislation while highlighting the success of the GENIUS Act.
What a Markup Would Mean for Crypto Markets
A scheduled markup would represent the first concrete procedural step for stablecoin legislation since the January postponement. For crypto participants, stablecoin rules matter because they determine whether yield-bearing products can legally operate in the U.S. market, directly affecting protocols like Ethena and projects building on stablecoin infrastructure.
ENA, the governance token for yield-focused stablecoin protocol Ethena, traded at $0.1007 with a market cap of roughly $884 million, up 3.1% over the past 24 hours. The broader market remained cautious, with the Fear & Greed Index sitting at 23, deep in “Extreme Fear” territory.
Tillis’s language was deliberately measured. “Guardedly optimistic” signals forward momentum without committing to a timeline, and his reference to unresolved “open switches” makes clear that the bill could still stall if stakeholders cannot agree on yield provisions. Political optimism from a single senator does not guarantee passage, particularly when broader market sentiment remains fragile.
The next concrete development to watch is whether Tillis releases the draft stablecoin-yield language he discussed with Terrett, and whether the Banking Committee formally schedules a markup date. Until those steps materialize, the “guardedly optimistic” framing remains a sentiment signal rather than a legislative milestone.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
