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[Eleanor Terrett @EleanorTerrett]

This is another step in the process and does not necessarily signal that a Senate floor vote is imminent. Specifically, it’s a committee report for the bill, which adds on all the amendments that passed during the @BankingGOP markup into the latest text of the bill.

Note: It’s not yet merged with the Ag text, which will likely happen in a manager’s amendment on the floor.

[Patrick Witt @patrickjwitt]

Today, the Senate Banking Committee will vote to advance the CLARITY Act.

I am proud of the countless hours that my team, Treasury, SEC, CFTC, and Senate Banking staff and members have put into shaping this product. On every issue, we put forward real solutions to address stakeholder concerns or Democrat demands. It often required us to get creative; sometimes, it required us to get uncomfortable. But we did it in the spirit of bipartisanship.

Make no mistake: Whether today’s vote is partisan or bipartisan will depend entirely on politics, not policy. The CLARITY Act is not only good policy, it is necessary policy for the United States to maintain our leadership position in global financial markets. Not to mention the robust consumer protections and anti-illicit finance provisions it contains, without which, there are none.

This morning’s vote will reveal whether Democrats have genuinely moved on from their war on crypto, or whether they remain cowed by Elizabeth Warren. The choice is theirs.

[Eleanor Terrett @EleanorTerrett]

🚨GM! Big day for crypto on Capitol Hill. You can watch the markup live on @BankingGOP X account starting at 10:30 AM EST.

A small update since last night: The 5 pro-crypto Banking Committee Dems gathered this morning to figure out final direction on how to vote in today’s markup after negotiations with GOP colleagues fell through last night, according to three sources.

However, hearing it’s likely going to be a collective vote against, driven largely by disagreements over the BRCA after @CortezMasto pushed for changes following support from law enforcement groups this week for her amendments.

After everything we heard about ethics this week, it no longer appears to be the central sticking point. Instead, the focus seems to have shifted to whether Democrats believe the Grassley-Lummis backed BRCA compromise goes far enough to address law enforcement concerns.

As always, nothing is final until it happens, so we’ll see what the next few hours bring.

[Eleanor Terrett @EleanorTerrett]

🚨NEW: Following @SenThomTillis comments and a sense of renewed optimism from industry and Senate Banking staff that a Clarity Act markup is within striking distance, efforts are now ramping up to tie up remaining loose ends.

With the yield issue largely resolved (per Tillis), attention is shifting to ethics and DeFi, specifically the Blockchain Regulatory Certainty Act and Section 1960 provisions.

@SenLummis (R-WY) who’s been leading on this issue, had this to say on the status of those negotiations:

“We’ve made significant progress on safeguards for non-controlling developers with respect to money transmitting laws, and I hope to have more soon.”

Ethics language is being actively negotiated and those provisions are more likely to be added after the bill reaches the Senate floor, per sources familiar with the process.

[Eleanor Terrett @EleanorTerrett]

🚨NEW: @SenThomTillis (R-NC) says he’s ready to push the Clarity Act forward to a markup.

“I’m going to ask the chair to move forward with scheduling a markup when we get back… I think we’ve made a lot of progress… and it’s time to get it before the committee to move it forward,” Tillis told my inimitable friend and former colleague @ChaseWilliams_ in a reporter gaggle on Capitol Hill this morning following the Warsh vote.

Tillis went on to say most bank concerns on stablecoin yield have been heard and addressed, adding that others are welcome to “come and work in good faith.”

On timing: Tillis hopes to release legislative text on stablecoin yield 4–5 days before a markup after stakeholders get a preview.

On software developers and how law enforcement views the potential impact on enforcement under the 1960 criminal statute, a new flag Tillis raised this week, he pointed to @SenLummis’ approach, saying he’s “generally in support” of where the bill stands.

[Conor Kenny @conorfkenny]

UPDATE: 🇺🇸 French Hill confirms the CLARITY Act is gaining serious momentum, with May now the key target as negotiations intensify behind the scenes.

Push it to the finish line. It’s time.

[Eleanor Terrett @EleanorTerrett]

🚨NEW: The crypto industry is ramping up pressure on @BankingGOP, urging them to move forward with a Clarity Act markup ASAP.

[Crypto Tech Fan @Crypto_Tech_Fan]

@xshroomiez @FollowCO @J_Xer0 @lexixrpsurvivor @XRPee3 https://t.co/UZJYmcvLTs

[SeñorMuchoDinero 🏴‍☠️ @FollowCO]

B4 74

[Willy @Wonka0x]

https://t.co/hw44qRbpJE

🔑

[Patrick Witt @patrickjwitt]

The compromise reached by Senators Tillis and Alsobrooks addresses concerns about deposit flight head on.

It’s hard to explain any further lobbying by banks on this issue as motivated by anything other than greed or ignorance.

Move on.

[Crypto Tech Fan @Crypto_Tech_Fan]

Agree, we’re almost there & Brad will be right. David sacks and Patrick Witt from Trump admin and many senators have been working hard to get this through. Clarity is the key promise that has been delayed and it’s not T admin’s fault, it had been the banks and bank lobby’s fault

[Xena XRP @XenaXrp]

We're getting close.

[Eleanor Terrett @EleanorTerrett]

🚨NEW: Another small group of banking and crypto industry leaders will review the new stablecoin yield deal text today and tomorrow, per @politico.

The plan appears to be to keep the text limited to those parties rather than release it more broadly. Last week, visiting parties to Capitol Hill were allowed to review the text on site but not take copies with them.

[First Squawk @FirstSquawk]

SENATE BANKING PANEL AIMS TO CONDUCT CONFIRMATION HEARING FOR KEVIN WARSH AS FEDERAL RESERVE CHIEF STARTING THE WEEK OF APRIL 13 - PUNCHBOWL

[Eleanor Terrett @EleanorTerrett]

🚨NEW: A staffer for @SenThomTillis (R-NC) tells me his office plans to publicly release legislative text next week detailing stablecoin yield/rewards provisions, as talks with stakeholders continue.

The move comes after @coinbase and other crypto stakeholders were unsatisfied with the parameters of a deal shown to a small group of industry leaders earlier this week.

Coinbase's Global Head of Investment Research @DavidDuong says industry leaders are currently working on a coordinated counterproposal "to explain why targeted changes are needed to protect customers and preserve sustainable rewards programs."

[James Seyffart @JSeyff]

WOW. We have the fee on Morgan Stanley's spot bitcoin ETF $MSBT. Will charge just 0.14% !!! Big move here. They are not messing around. Likely to launch in early April.

[Crypto Tech Fan @Crypto_Tech_Fan]

@loldoteth @Krissochris @2bYuOoDe3q97429 @Styli_0 Great to hear, that is all I was asking about. Perhaps your comment you would stream "if I can" was just for more jeets to jeet. It's such a good idea to stream Bitsy to let it go to waste. As you know, many were looking forward to it

[Crypto Tech Fan @Crypto_Tech_Fan]

@loldoteth @Krissochris @2bYuOoDe3q97429 @Styli_0 Ok so u may have said that at end of 1st day, but the post below (and others) is literally from 2 days ago when it had dropped already and u mentioned waiting for jeets, so ur point is moot. Either way, glad u said u will stream in your other reply to me. https://t.co/dgaISl6cDA

[Crypto Tech Fan @Crypto_Tech_Fan]

@loldoteth @Krissochris @2bYuOoDe3q97429 @Styli_0 Maybe you still plan 100% to do streams as you've been saying all along, when you were completely getting everybody pumped for it in the first day space, but your change to "if I can" is definitely a departure from how you presented things to community. These are all facts.

[Crypto Tech Fan @Crypto_Tech_Fan]

@loldoteth @Krissochris @2bYuOoDe3q97429 @Styli_0 Based on Fact #1, Fact #2 doesn't make sense, and this is the part that is not fine. Fact #2 - one of your recent posts (below) says that you will do streams "if I can." You have done a 180 from what I described above, to I'll stream "if I can." https://t.co/Kf292pyXfQ