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U.S. Senator Tillis: Preparing to advance the "Clarity Act" into committee review stage
Tillis said in an interview on Capitol Hill: “We have made a lot of progress, and it’s time to submit the bill to the committee to move it forward.” He added that he would ask the committee chair to arrange a formal review agenda after lawmakers reconvene.
Regarding disputes related to stablecoin yield, Tillis said that most concerns from the banking industry have been heard and addressed, and he welcomed all parties to continue “participating in the discussion in good faith.”
As for the timing, Tillis said he hopes to release the legislative text covering stablecoin yield provisions 4 to 5 days before the formal review and provide a preview version to the relevant stakeholders in advance.
In addition, regarding questions about software developers’ responsibility and the potential impact that the 1960 criminal code may have on law enforcement, Tillis said that overall, he supports the legislative direction Cynthia Lummis is currently pushing.