Senator Thom Tillis plans to release the revised stablecoin yield draft this week as the CLARITY Act’s April markup window narrows. But neither the crypto industry nor banks are fully satisfied with the compromise.

Senator Thom Tillis (R-NC) plans to release revised draft legislative text on stablecoin yield and rewards in the Clarity Act this week, bringing the long-stalled crypto market structure bill one step closer to a Senate Banking Committee markup, according to Politico. The release follows a Senate return from Easter recess on April 13.

The draft is the product of months of work between Tillis and Senator Angela Alsobrooks (D-MD). Tillis and Alsobrooks in March reached an agreement in principle backed by the White House to resolve the clash between banks and the crypto industry over stablecoin yield.

The deal drew a structural line: passive yield on stablecoin balances — interest paid simply for holding a dollar-pegged token — would be banned. Activity-based rewards tied to payments, transfers, and platform engagement would remain permitted. The SEC, CFTC, and Treasury would jointly define permissible rewards and draft anti-evasion rules within 12 months of enactment.

This story is an excerpt from the Unchained Daily newsletter.

The compromise language has satisfied neither industry. Coinbase reviewed an earlier draft and communicated to Senate staff that it could not support the current formulation, citing concerns about limits tied to balances and transaction amounts. Banking representatives are expected to push for tighter restrictions when they review the same text. The stablecoin market stands at approximately $321 billion, giving both sides enormous commercial stakes in the outcome.

The Senate Banking Committee markup, controlled by Chairman Tim Scott, has not yet been formally scheduled. Senator Bernie Moreno has warned that if the bill doesn’t reach the Senate floor by May, crypto legislation risks going dark until after the midterm cycle. Three other issues remain unresolved: DeFi provisions, ethics language barring officials from personally profiting from crypto assets, and whether community bank deregulatory provisions will be attached to the bill as part of a broader housing legislation trade.

Prediction markets on Polymarket currently price the CLARITY Act being signed into law in 2026 at 59%, down from above 82% earlier this year.