Cryptocurrency Industry Coalition of 200+ Companies Demands Senate Action on CLARITY Act
A coalition of cryptocurrency lobbying organizations, representing hundreds of firms, has sent a formal letter to Senate leadership requesting an immediate vote on critical digital asset legislation before the upcoming midterm elections.
A coalition exceeding 200 cryptocurrency companies and related organizations has made a formal appeal to the United States Senate, requesting passage of the CLARITY Act. The urgency stems from growing worries that further delays could result in the legislation missing a critical window for enactment.
Through a letter distributed on Monday by the cryptocurrency advocacy organization Stand With Crypto, the coalition made an appeal to Senate Majority Leader John Thune along with Minority Leader Chuck Schumer "to bring the Clarity Act to the Senate floor without delay."
According to the letter, the Senate Banking Committee's decision last month to approve the legislation represented "months of serious, bipartisan work," and the Senate ought to "build on that momentum and give members the opportunity to advance durable market structure legislation."
The proposed legislation would establish a framework defining how the Securities and Exchange Commission alongside the Commodity Futures Trading Commission would oversee cryptocurrency markets, though it has experienced numerous delays in the Senate throughout this year as various lawmakers and lobbying organizations have found themselves at odds over specific provisions contained within it.
Organizations representing banking interests have advocated for provisions within the bill that would prohibit platforms from providing stablecoin yields, whereas the cryptocurrency sector has campaigned for the inclusion of safeguards for developers working on decentralized cryptocurrency platforms, with both positions triggering extended negotiations spanning several months between the competing groups.
The correspondence, which bore the signatures of lobbying organizations including Stand With Crypto, The Digital Chamber, the Blockchain Association, and the Crypto Council for Innovation, argued that the legislation would retain cryptocurrency employment opportunities, capital investment and marketplace activity within the United States while positioning the nation as a "global leader in digital asset innovation."
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.
Senate leadership has not yet allocated floor time for consideration of the bill in advance of the midterm elections scheduled for November, a development that has prompted industry analysts to reduce their probability estimates regarding the bill's passage during the current year.
Galaxy Digital announced on Friday that it had reduced its probability assessment for the bill's passage in 2026 from 75% down to 60%, noting that the legislation must clear the Senate prior to the August recess scheduled for late July, because "after that, the window effectively closes."
Both the Senate Agriculture and Banking Committees have approved their respective versions of the legislation addressing commodities and securities regulations, and these separate versions require reconciliation before the combined bill can be presented to the full Senate for consideration and debate.
Legislative representatives have additionally indicated that the bill requires amendments addressing ethics standards and the prevention of illicit financial activities if it is to garner sufficient support for the minimum of 60 votes necessary for the legislation to advance without facing extended debate procedures.
Senator Cynthia Lummis, who has been instrumental in pushing the bill forward, stated in an interview with CNBC on Wednesday that members of Congress are currently working to address the concerns surrounding ethics and illicit finance that could potentially result in lost support during floor proceedings.
Galaxy indicated that it has not received information demonstrating that the bill, or the ongoing negotiations surrounding it, have made progress, nor that the contentious provisions under discussion have reached resolution.