Over 100 Crypto Firms Press Senate to Advance Clarity Act

A coalition representing a broad cross-section of the U.S. crypto industry is increasing pressure on lawmakers to provide a clear regulatory framework, warning that American innovation is at risk.

More than 100 crypto companies and industry groups, including Coinbase, Ripple, and Andreessen Horowitz, urged the U.S. Senate in an April 23 letter to advance long-awaited market structure legislation. The coalition pressed the Senate Banking Committee to schedule a markup of the “Clarity Act,” a bill aimed at establishing a comprehensive federal framework for digital assets.

“The United States cannot risk a return to the previous era of regulation by enforcement,” the letter, sent by the Crypto Council for Innovation and the Blockchain Association, stated. “Market structure legislation would prevent that uncertainty by establishing clear jurisdictional boundaries, disclosure regimes, and fit-for-purpose rules.”

At the core of the industry’s push is the need to define the jurisdictions of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The groups argue the current absence of statutory guidance has led to a damaging “regulation by enforcement” strategy, citing numerous lawsuits brought by both agencies.

The legislative push comes as industry leaders warn the U.S. is falling behind other jurisdictions, particularly the European Union, which has already implemented its comprehensive Markets in Crypto-Assets (MiCA) regulation. The coalition argues that without a unified federal standard, the U.S. risks a fragmented state-by-state regulatory system that could push capital and innovation offshore.

A Call for Clear Rules of the Road

The letter outlines further priorities, including legal protections for developers of non-custodial technologies and the preservation of consumer rewards programs tied to payment stablecoins. The signatories, which include major exchanges like Kraken and stablecoin issuer Circle, are advocating for streamlined disclosure requirements tailored specifically to blockchain-based assets.

Bipartisan Support and Lingering Divisions

The call for action has found some resonance outside the industry. U.S. Treasury Secretary Scott Bessent recently urged the Senate to pass the legislation, framing digital asset clarity as critical for maintaining U.S. financial leadership. However, lawmakers remain divided, with competing bills such as the Digital Asset Market Clarity Act and the Digital Commodity Intermediaries Act yet to be reconciled. Despite the urgency, the Senate Banking Committee has not yet scheduled a markup for the Clarity Act.

This article is for informational purposes only and does not constitute investment advice.