- Sen. Angela Alsobrooks urged banks to accept compromise terms to move the CLARITY Act forward in Congress.
- Talks with Sen. Thom Tillis focus on stablecoin reward limits to reduce potential deposit flight from banks.
- Senate Banking Committee may schedule a markup soon as negotiations with banks and crypto firms continue.
Democratic Senator Angela Alsobrooks urged banks to compromise on the CLARITY Act during the American Bankers Association Summit in Washington. Speaking to community bankers, she said lawmakers and industry participants must accept imperfect terms to move the crypto market bill forward. Her remarks came as the Senate Banking Committee considers scheduling a markup before the end of March.
Alsobrooks Urges Compromise on Crypto Bill
Senator Angela Alsobrooks addressed community bankers during the summit and warned against delaying legislation in pursuit of a perfect bill. According to crypto journalist Eleanor Terrett, the senator said some dissatisfaction may accompany any final agreement.
Alsobrooks explained that compromise discussions with Senator Thom Tillis focus on stablecoin reward provisions. She said their approach aims to reduce potential deposit flight from banks while allowing innovation in digital assets.
Banks previously rejected a White House proposal that limits stablecoin rewards to certain transactions and excludes payments on balances. However, Alsobrooks noted that crypto firms already accepted limits on balance rewards during negotiations.
“I think I have to level set that all of us will probably walk away just a little bit unhappy,” she said. Her comments indicated that compromise remains necessary for legislative progress.
Negotiations Continue Before Committee Markup
While talks continue, Senator Thom Tillis has not finalized his position on the current CLARITY Act draft. According to a Crypto In America report, Tillis met with industry representatives and White House officials last week.
He also reviewed legislative language prepared after weeks of negotiations between banks and crypto companies. Industry sources told Crypto In America that discussions continue but remain unresolved.
Tillis reportedly plans to meet with representatives from Coinbase and banking trade groups before deciding. However, officials have not confirmed the timing of that meeting.
His vote remains important as the Senate Banking Committee considers scheduling the bill’s markup.
Industry and Lawmakers Track Legislative Timeline
Other lawmakers continue monitoring progress on the crypto market bill. Former President Donald Trump previously urged banks to reach an agreement with the crypto industry quickly.
Meanwhile, prediction market data from Polymarket currently shows a 69% chance that Trump signs the legislation into law.
Solana Policy Institute President Kristin Smith said she expects the CLARITY Act to pass by July. However, unresolved issues remain, including ethics and conflict-of-interest concerns raised by some Democrats.
