Analysis: The banking industry association's pressure may cause the cryptocurrency market structure legislation draft vote to be postponed until May

Golden Finance reported that on April 20, according to Crypto In America, a critical week is coming for the negotiations of the “Clarity Act.” This week will determine whether the bill can move through the long-awaited review this month, or whether it will be postponed to May. Early this week, members of the Senate Banking Committee will be busy with the nomination hearing of Wirth. Wirth is the successor to Federal Reserve Chair Jerome Powell, whom President Trump has nominated. Wirth is one of the wealthiest nominees for the position, with more than $100 million in assets, and he holds substantial shares in cryptocurrency companies. He will testify on Tuesday morning.
After that, if the committee plans to hold a vote during the week of April 27, it must notify the review status of the “Clarity Act” before Friday. However, mounting pressure from banks that want to comment on the current stablecoin yield situation, along with the fact that North Carolina Republican Senator Tom Tillis wants to hear their views, could push the review back to the second week of May, after the Senate recess.
Senator Tillis’s office is facing targeted pressure from banking industry groups such as the North Carolina Bankers Association. These groups are dissatisfied with the scope of the stablecoin yield limits in the current draft bill and are urging their members to call Tillis’s staff to clearly express their views. Aside from yield concerns, there are also other issues—such as ethical questions and regulations regarding decentralized finance (DeFi)—that still need to be addressed before the bill takes effect.