Friday has come and gone with no word from @SenatorTimScott or @BankingGOP on scheduling a Clarity Act markup for next week. While Friday is not a hard deadline, a hearing can technically be scheduled up to three days in advance, making Monday the official cutoff before the Senate heads into a weeklong recess on Thursday. Committee leadership may also be prioritizing a confirmation vote for Fed Chair nominee Kevin Warsh before they leave. Without any formal update (a Senate Banking Committee spokesman declined to comment) all signs point to this slipping into May. We know @SenThomTillis has asked for more time to speak with banks on the stablecoin yield issue and has said he wants to release text publicly ahead of a markup. We haven’t seen any text yet, and it seems very unlikely it would be released before Monday in time to notice a markup. This, combined with what I’m hearing from multiple sources in both industry and the Senate that a markup is not expected until at least the second week of May, points to April being off the table.
