Ripple CEO sets May timeline for CLARITY Act approval amid stablecoin yield debate

Congress returned from the Easter recess on Monday, and Ripple CEO Brad Garlinghouse used the moment to express greater confidence about the CLARITY Act, a crypto market structure bill that has been stalled for months. Garlinghouse pointed to May as the most important month to watch for passage, saying a key dispute over stablecoin yield is nearing resolution.

Garlinghouse: Stablecoin yield dispute nearing compromise

Garlinghouse made the remarks during a panel at the Semafor World Economy Summit in Washington on April 13. He told the audience that the dispute over stablecoin yield is close to being resolved, framing the political process as moving toward compromise.

He said, “When people are at their peak frustration, that’s when they finally compromise, and it gets done,” adding, “I think we’re there.” While he did not specify a particular day for a vote, his timing aligns with earlier signals from Ripple.

Timeline shift already moved from April to late May

Garlinghouse’s outlook had shifted once before. At the FII Priority Miami Summit on March 27, he moved his expectation from April to the end of May, suggesting the bill’s progress depends on resolving the stablecoin yield issue that has held up the legislation since January.

Administration officials cite progress beyond stablecoin yield

Other administration figures have also suggested negotiations are advancing. White House crypto adviser Patrick Witt said on April 13 that talks have made meaningful progress behind the scenes on issues beyond stablecoin yield.

Witt said, “All of these issues felt intractable and unsolvable at one point in time,” adding that many problems have already been narrowed, which gives him confidence that remaining hurdles can be addressed.

Potential committee steps, but markup timing remains uncertain

Senator Thom Tillis is expected to release a revised draft of the stablecoin yield agreement as early as this week. If both sides accept the updated version, the Senate Banking Committee can schedule the markup that has been paused since January.

However, even if the markup is scheduled, the bill would still face additional steps that cannot be skipped. Banking Committee Chairman Tim Scott has not yet set a markup date. Some lawmakers have aimed for late April, but the schedule could slip depending on how negotiations proceed and how quickly the committee advances the text.

Senators Hagerty and Lummis have both said a late April vote remains the target. Senator Bernie Moreno offered a more cautious warning, saying that if the CLARITY Act does not reach the Senate floor by May, it could be shelved until 2027, citing the likelihood that midterm campaign activity will take over after summer and push major legislative action off the calendar.

Market context: XRP trading around $1.37

At the time of writing, Ripple’s associated cryptocurrency, XRP, was trading at $1.37. The article reported that XRP had surged by 5% over the previous week, consistent with a broader recovery in the crypto market during that period.