Over 200 crypto organizations sent a letter to Senate Majority Leader John Thune and Senate Minority Leader Charles Schumer, urging the lawmakers to advance the long-awaited market structure bill, known as the CLARITY Act.
Crypto Industry Pushes For CLARITY Act Vote“Stand With Crypto and over 200 organizations sent a simple message to Senate leadership: it’s time for the Clarity Act,” the advocacy group wrote on X, affirming that the legislation “needs to cross the finish line.”
Signed by key industry players including Coinbase, Circle, Ripple, and Binance.US, the letter underscored the importance of the CLARITY Act’s bipartisan passage during the Senate Banking Committee’s markup session and urged the Senate to build on that momentum to enable members to advance durable market structure legislation.
This bill is set to establish a comprehensive federal framework for digital asset markets, the letter noted, clarifying regulatory responsibilities, creating workable registration pathways, maintaining protections for software developers, and bringing more crypto asset activity into responsible US markets.
Digital asset markets are global, growing, and central to the future of financial infrastructure. The question before Congress is whether that future will be built in the United States — under U.S. law, U.S. oversight, and American values — or continue moving to offshore jurisdictions with less transparency, weaker consumer protections, and limited accountability.
The crypto organizations argued that the Senate has the opportunity to “ensure the next generation of financial infrastructure is built, governed, and regulated in America,” and must “bring the Clarity Act to the Senate floor without delay.”
The letter also argued that without a clear federal framework, crypto activity could continue shifting offshore to opaque markets, making it harder for US authorities to monitor and prosecute financial crimes.
CLARITY Act Faces Key HurdlesNonetheless, the legislation will require approval by the House of Representatives, which passed its own version of the bill last year, suggesting that the two texts may need key reconciliation before it can move to President Donald Trump’s desk.
In addition, he highlighted the lack of news suggesting negotiations around the bill have advanced on outstanding issues, including ethics or illicit finance. Notably, the two Senate Democrats who voted to advance the CLARITY Act, Senators Ruben Gallego and Angela Alsobrooks, have warned that their future support will depend on an agreement on ethics guardrails for government officials dealing with crypto.
“I’m still optimistic, but the timing matters a lot now, and odds could shift wildly as the calendar progresses,” Thorn concluded.
