A coalition of more than 120 cryptocurrency companies and trade organisations has urged the US Senate Banking Committee to schedule a markup of the CLARITY Act, warning that further delay risks pushing investment, jobs and technological development offshore.
The letter, led by the Crypto Council for Innovation (CCI) and the Blockchain Association, was addressed to committee chairman Tim Scott, ranking member Elizabeth Warren, digital assets subcommittee chair Cynthia Lummis and ranking member Ruben Gallego.
"Timely action is critical, as other major jurisdictions have already implemented comprehensive frameworks, and the absence of comparable US policy risks ceding both economic and strategic advantages," the letter said.
Signatories include exchanges Coinbase, Kraken and Ripple, alongside policy groups such as the Texas Blockchain Council and the Solana Policy Institute.
The CLARITY Act passed the House of Representatives in July 2025 with a 294 to 134 bipartisan vote but has stalled in the Senate amid disputes over how to treat yield on stablecoin holdings and other structural provisions.
The bill would establish clear jurisdictional lines between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), create compliance pathways for digital asset firms, strengthen disclosure requirements and protect non-custodial software developers.
The Senate Banking Committee had been widely expected to announce a markup for late April, but that timetable slipped after Senator Thom Tillis called for the panel to wait until May to give crypto and banking representatives more time to seek a compromise on stablecoin yield.
An earlier planned markup in January was postponed hours after Coinbase chief executive Brian Armstrong said the company could not support the bill as written.
Since then, representatives from both the banking and crypto industries have met with committee staff to discuss revisions, though no new markup date has been announced.
Separately, the American Bankers Association has asked four federal agencies for 60 additional days to comment following final stablecoin-related rules from the Office of the Comptroller of the Currency (OCC), a request that could further delay implementation if granted.
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The Digital Chamber, another industry body, sent its own letter to Senate leaders earlier in the week, noting it has been more than 270 days since the House passed the bill and urging the committee to act "as soon as the calendar allows."
"The United States cannot risk a return to the previous era of regulation by enforcement, which perpetuated uncertainty for both builders and market participants," the Blockchain Association's letter said.
The recap
- Over 120 crypto companies and organizations signed the advocacy letter.
- The CLARITY Act passed the House but awaits Senate committee markup.
- American Bankers Association requested 60 additional days for comments.
