More than 120 crypto companies and advocacy groups are pressing the U.S. Senate to move forward with the Digital Asset Market CLARITY Act, as the industry grows increasingly concerned that a narrow legislative window could close before the bill reaches the floor.
The joint letter, sent on April 23, urged the Senate Banking Committee to schedule a markup for digital asset market structure legislation. Signatories included major crypto firms and trade groups such as Coinbase, Ripple, Circle, Kraken, Uniswap Labs, Chainalysis, Andreessen Horowitz, Chainlink Labs, Paradigm, OKX and Galaxy Digital.
The message was simple: after years of regulatory uncertainty, the industry wants Congress to define which digital assets are securities, which are commodities and how trading platforms should register in the United States.
Why the CLARITY Act Matters
The Bill Tries to End the SEC-CFTC Turf War
The CLARITY Act is designed to create a federal market structure framework for digital assets. At its core, the bill attempts to clarify when the Securities and Exchange Commission should oversee a crypto asset and when the Commodity Futures Trading Commission should have authority.
That matters because many crypto firms have spent years arguing that the U.S. has relied too heavily on enforcement actions instead of clear rulemaking. The SEC has treated many tokens as securities, while the industry has pushed for a framework that allows sufficiently decentralized networks to be treated more like commodities.
The CLARITY Act would not remove regulation. Instead, it would create registration, disclosure and compliance requirements for digital asset platforms. Supporters argue that clear rules would make it easier for exchanges, custodians, developers and institutional investors to operate in the U.S.
Ripple and Coinbase Have a Direct Stake
Ripple’s support for the bill is especially notable because the company spent years in litigation with the SEC over XRP. The CLARITY Act’s approach to token classification could provide the kind of legal framework Ripple and other token issuers have long requested.
Coinbase also has a major interest in the outcome. A clearer market structure could shape how the exchange lists tokens, registers products and offers services to U.S. customers. That helps explain why the joint letter brought together such a wide group of exchanges, infrastructure firms, venture investors and advocacy organizations.
Stablecoin Yield Is Still the Sticking Point
A Market Structure Bill Got Pulled Into a Stablecoin Fight
The biggest obstacle is not only token classification. It is stablecoin yield.
Recent Senate negotiations have been slowed by disagreement over whether crypto platforms should be allowed to offer rewards or yield on stablecoin balances. Banking groups have pushed back against yield-bearing stablecoins, warning that they could pull deposits away from traditional banks. Crypto firms argue that overbroad restrictions could harm innovation and make stablecoins less useful for consumers.
That dispute has become a major drag on the CLARITY Act timeline. Crypto.news reported that the Senate markup could slip from April into May as lawmakers continue negotiating stablecoin rewards language.
The Timing Is Getting Tight
Timing is now one of the industry’s biggest concerns. Elliptic noted that lawmakers had discussed a possible markup in the second half of April, but warned that the available Senate floor calendar narrows as Congress moves toward the summer and the August recess.
That is why the April 23 letter matters. The industry is not only asking lawmakers to support the CLARITY Act. It is asking them to move before election-year politics make a complicated crypto bill harder to pass.
Ripple CEO Says the Window Is Open
Ripple CEO Brad Garlinghouse has publicly argued that the CLARITY Act still has a real chance. Bitcoin.com reported earlier this month that Garlinghouse said the window for the bill is open and that now is the moment for lawmakers to act.
Other industry voices are more cautious. Some policy watchers have warned that the odds of passage in 2026 remain uncertain because the Senate still needs a markup, a floor vote and a workable compromise on stablecoin-related provisions.
That gap between optimism and caution reflects the state of the bill. The CLARITY Act has broad industry support and bipartisan roots, but it is still moving through a political process where one unresolved issue can slow everything down.
Why This Matters for the U.S. Crypto Market
The CLARITY Act could have major consequences for U.S. crypto businesses. If passed, it may give exchanges and token projects a clearer path to compliance. That could make the U.S. more attractive for crypto investment, product launches and institutional participation.
If it stalls, the industry may remain stuck between enforcement risk and fragmented state-level rules. That could push more activity offshore or leave firms operating under legal uncertainty.
The bill could also affect consumers. Supporters say clearer federal standards would improve disclosures, platform oversight and market integrity. Critics worry that industry-backed legislation could weaken investor protections if it shifts too much authority away from the SEC.
Both arguments matter. Crypto needs clearer rules, but those rules still need to protect users from fraud, market manipulation and conflicts of interest.
What Comes Next
The next major signal is whether the Senate Banking Committee schedules a CLARITY Act markup in late April or May. Without a markup, the bill cannot move toward a full Senate vote.
The second issue is whether lawmakers can resolve the stablecoin-yield dispute. A narrow compromise could unlock momentum. A broader fight with banks or consumer protection advocates could delay the bill again.
For now, the crypto industry has made its position clear. More than 120 firms and organizations want the Senate to act, and they want it to act soon. The question is whether lawmakers can turn that pressure into legislation before the political calendar closes in.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Always conduct your own research before making any investment decisions.
