More than 200 crypto companies and industry groups are calling on the US Senate to move forward with the CLARITY Act, warning that further delays could jeopardize the bill’s chances of becoming law.
In a letter sent Monday, crypto advocacy group Stand With Crypto and several major industry organizations urged Senate leaders to bring the market structure bill to a floor vote as soon as possible. The letter was addressed to Senate Majority Leader John Thune and Minority Leader Chuck Schumer.
The groups argued that lawmakers should build on the momentum created by the Senate Banking Committee’s bipartisan approval of the bill last month. They said the legislation would provide long-awaited regulatory clarity for the digital asset industry and help keep crypto innovation, investment and jobs in the United States.
The CLARITY Act aims to define how US regulators, including the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), oversee digital assets. However, disagreements over key provisions have repeatedly slowed progress in the Senate.
One major point of contention is whether stablecoin issuers should be allowed to offer yield-bearing products. Banking groups have pushed for restrictions, while crypto advocates have sought stronger protections for developers of decentralized platforms.
The letter was signed by several leading industry organizations, including Stand With Crypto, The Digital Chamber, the Blockchain Association and the Crypto Council for Innovation. The groups warned that without clear rules, crypto businesses and investment could continue moving overseas.
”Digital asset markets are global, growing, and central to the future of financial infrastructure,” the letter said, adding that the US risks losing its leadership position if lawmakers fail to act.
Despite growing industry support, the Senate has not yet scheduled debate on the bill ahead of the November midterm elections. That uncertainty has led some analysts to lower expectations for passage this year.
Galaxy Digital recently cut its estimate of the bill’s chances of passing in 2026 to 60%, down from 75%, citing a narrowing legislative window. The firm said the Senate likely needs to act before its August recess for the bill to have a realistic path forward.
Lawmakers are also seeking changes related to ethics rules and anti-money laundering measures, issues that supporters believe must be addressed to secure the 60 votes needed for passage.
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