Industry Leaders Demand Swift Senate Action on Cryptocurrency Regulation Framework
After the US Senate Banking Committee postponed its January markup session on the CLARITY Act, cryptocurrency firms and advocacy groups are pressing legislators to take immediate action on the bill.
A coalition exceeding 120 organizations connected to the blockchain and cryptocurrency sector is pushing United States legislators to end delays on advancing critical digital asset market structure legislation.
Through a letter delivered Thursday to senior members of the US Senate Banking Committee, both the Crypto Council for Innovation (CCI) and Blockchain Association articulated their position that the committee must "proceed towards a markup of the CLARITY Act to provide a comprehensive federal market structure framework for digital assets."
This proposed legislation, anticipated to become one of the most consequential laws potentially affecting the cryptocurrency sector, successfully cleared the House of Representatives in July 2025 but has faced postponements partly attributed to government shutdowns alongside ongoing disputes concerning stablecoin yield regulations and related matters.
"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 US needs a comprehensive market structure framework to support domestic digital asset innovation, or risk migration of investment, jobs, and technological development offshore."
Under the leadership of chair Tim Scott, the Senate Banking Committee decided to delay its CLARITY Act markup session in January, making this decision mere hours following Coinbase CEO Brian Armstrong's announcement that his company was unable to endorse the legislation in its current form. Following that development, delegates from both the banking sector and cryptocurrency industry have conducted meetings with congressional lawmakers to address concerns embedded in the bill — such as the approach to stablecoin yield management — along with potential solutions moving forward.
By Thursday, the banking committee had not made any public declaration regarding a rescheduled date for the bill's markup session. Nevertheless, US Senator Thom Tillis suggested on Monday that committee leadership should contemplate delaying any markup proceedings until May, allowing additional time for cryptocurrency and banking stakeholders to negotiate a mutually acceptable resolution on the stablecoin yield issue.
Approximately 120 cryptocurrency firms and advocacy organizations added their signatures to the letter, with participants including major exchanges such as Coinbase and Kraken, alongside advocacy groups like the Texas Blockchain Council and Solana Policy Institute. This initiative arrived merely three days following a separate appeal from advocacy organization The Digital Chamber, which requested that the banking committee arrange a markup session "as soon as the calendar allows":
"We are now more than halfway through the 119th Congress, and it has been more than 270 days since the House passed the CLARITY Act with strong bipartisan support and we recognize the legislative window for this Congress is narrowing."
Banking association asks for more, not less, time to address stablecoins
This past Tuesday, the American Bankers Association submitted a formal request to four US government agencies overseeing GENIUS regulations, seeking an additional 60-day extension for submitting comments following the Office of the Comptroller of the Currency's finalization of its regulatory rules. Should this request receive approval, it would probably push back the complete implementation timeline of the stablecoin bill.