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A coalition of more than 120 crypto organizations, led by the Crypto Council for Innovation and the Blockchain Association, sent a joint letter to the Senate Banking Committee on April 23 urging lawmakers to move immediately toward a markup of the CLARITY Act. The group warned that continued delay could push investment, jobs, and technological development offshore while ceding global regulatory standard-setting to other jurisdictions.
The letter was addressed to Senate Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren, as well as Subcommittee Chair Cynthia Lummis and Ranking Member Ruben Gallego. It calls on the committee to “notice and proceed towards a markup” of the CLARITY Act without further delay.
The coalition includes major firms and platforms such as Coinbase, Ripple, Kraken, Circle, Uniswap Labs, Andreessen Horowitz, Chainlink Labs, Chainalysis, OKX, Paradigm, and Galaxy Digital, along with advocacy groups, state blockchain associations, and university chapters of Stand With Crypto.
The letter lists six legislative priorities:
Treasury Secretary Scott Bessent has described the CLARITY Act as a national security priority. Separately, Senator Bernie Moreno warned that missing an end-of-May window could shelve the bill until 2030.
The letter and related commentary also argue that each month of delay pushes digital asset innovation toward international hubs such as Dubai and Singapore.
The CLARITY Act passed the House 294 to 134 in July 2025 and cleared the Senate Agriculture Committee in January 2026. However, the Senate Banking Committee has not scheduled a markup.
Congress is set to break for the Memorial Day recess on May 21, leaving fewer than four weeks of operational legislative time. Even if a markup occurs successfully, the bill would still need to clear a 60-vote threshold on the Senate floor, be reconciled between the Banking and Agriculture committee versions, reconciled with the House text, and then signed by the president.
Polymarket currently prices the bill’s 2026 passage odds at below 50%, down from an earlier high of 80% when the White House signaled imminent progress in early April. Galaxy Research has assessed odds at roughly 50-50 or lower, warning that the number of unresolved questions under severe time pressure makes the path narrower than many in Washington have publicly acknowledged.
The April 23 letter reflects a level of industry coordination the bill has not previously seen, with more than 120 organizations signing a unified document rather than issuing separate statements.
Coinbase CEO Brian Armstrong reversed the company’s January opposition and publicly backed the current bill version in April, removing what had been described as a high-profile source of internal industry friction. According to the reporting cited in the original material, the remaining obstacle is not within the crypto industry but between the industry and banking trade groups that continue to lobby individual senators to reopen stablecoin yield provisions already negotiated and agreed upon.
As of the publication of the original reporting, the Senate Banking Committee had not announced a markup date.
“Congress must move quickly to establish a predictable federal baseline,” the coalition letter stated, adding that the US risks returning to regulation-by-enforcement if market structure legislation fails to advance in the current window.
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