Tillis to Push Senate Banking Markup on Crypto Bill

U.S. Senator Thom Tillis plans to push the Senate Banking Committee to schedule a markup for the stalled cryptocurrency market structure bill when the Senate reconvenes on May 11. Tillis, a Republican on the committee, believes significant progress has been made on the bill's text and that a markup is necessary to move it forward, especially given opposition from those who do not want it passed. The Senate bill aims to define regulatory oversight for crypto by the U.S.'s main financial regulators, a counterpart to the House's CLARITY Act. The Senate version has faced delays due to ongoing negotiations over specific provisions. A previous markup was postponed in January after Coinbase withdrew support over a ban on crypto exchanges paying stablecoin yields. Tillis indicated that banking lobbyists have had their concerns addressed and that he would encourage Chairman Tim Scott to proceed with the markup if further good-faith negotiations are not fruitful. He also hopes to release the legislative text publicly at least four days before the markup, following a preview for stakeholders. Other debated provisions include ethics rules for government officials regarding crypto and protections for software developers. Tillis has stated he will not support the bill without ethics provisions and has expressed general support for progress on developer protections.

(Source：Cointelegraph)