The US Crypto Bill Clarity Act faces a deadline in August

The U.S. Senate Banking Committee is expected to review the Clarity Act in May, while the crypto industry closely watches the remaining legislative window.

Ji Kim, CEO of the Crypto Innovation Committee, said the Senate has only about 9 to 10 weeks left to push forward the bill review process. The review had previously been delayed in January due to a lack of necessary support from the industry.

Senator Thom Tillis proposed additional time to submit compromise proposals on yields and stablecoin rewards for banks. Meanwhile, some groups such as the North Carolina Blockchain Initiative are calling for swift action.

Senator Cynthia Lummis said at a Bitcoin conference that the bill would be reviewed in May, possibly as early as the week starting May 11. If any outstanding issues related to stablecoin yields, ethics, and decentralized finance are resolved in time, the bill could take another step forward in the Senate Banking Committee.

This committee also plans to continue the process of confirming Fed Chair nominee Kevin Warsh before the recess.

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