Over 200 crypto organizations sent a letter to Senate Majority Leader John Thune and Senate Minority Leader Charles Schumer, urging the lawmakers to advance the long-awaited market structure bill, known as the CLARITY Act.
Crypto Industry Pushes For CLARITY Act Vote
On Monday, advocacy group Stand With Crypto shared a coordinated letter with the Blockchain Association, the Crypto Council for Innovation (CCI), and The Digital Chamber, urging Senate leaders to schedule a vote for the CLARITY Act.
“Stand With Crypto and over 200 organizations sent a simple message to Senate leadership: it’s time for the Clarity Act,” the advocacy group wrote on X, affirming that the legislation “needs to cross the finish line.”
Signed by key industry players including Coinbase, Circle, Ripple, and Binance.US, the letter underscored the importance of the CLARITY Act’s bipartisan passage during the Senate Banking Committee’s markup session and urged the Senate to build on that momentum to enable members to advance durable market structure legislation.
Crypto organization’s letter to Senators Thune and Schumer. Source: Stand With Crypto on X
This bill is set to establish a comprehensive federal framework for digital asset markets, the letter noted, clarifying regulatory responsibilities, creating workable registration pathways, maintaining protections for software developers, and bringing more crypto asset activity into responsible US markets.
Therefore, the CLARITY Act will allow Congress to keep innovation, jobs, investment, and market activity in the US while strengthening America’s role as the 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.
The crypto organizations argued that the Senate has the opportunity to “ensure the next generation of financial infrastructure is built, governed, and regulated in America,” and must “bring the Clarity Act to the Senate floor without delay.”
Similarly, the Blockchain Association and 160 former national security, intelligence, and law enforcement professionals. As reported by Bitcoinist, the advocacy group and the signatories urged Senators Thune and Schumer last week to move forward with the CLARITY Act.
The letter also argued that without a clear federal framework, crypto activity could continue shifting offshore to opaque markets, making it harder for US authorities to monitor and prosecute financial crimes.
CLARITY Act Faces Key Hurdles
The industry’s push follows last month’s approval of the Senate Banking Committee’s portion of the crypto bill, which was stalled for months over the stablecoin yield dispute. Now, a full Senate vote is expected in the coming weeks, with a potential passage by July 4, according to Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets.
Nonetheless, the legislation will require approval by the House of Representatives, which passed its own version of the bill last year, suggesting that the two texts may need key reconciliation before it can move to President Donald Trump’s desk.
As a result, many believe that the odds of the CLARITY Act’s passage in 2026 have decreased. On Friday, Galaxy’s Head of Firmwide Research, Alex Thorn, sent a note to clients lowering his odds of passage from 75% to 60%.
He explained that the Senate calendar was “one of the biggest hurdles, and that picture has worsened,” noting that after the failed FISA reauthorization vote on Thursday, this week will likely be dominated by FISA-related business, potentially reducing the window to work on the CLARITY Act.
In addition, he highlighted the lack of news suggesting negotiations around the bill have advanced on outstanding issues, including ethics or illicit finance. Notably, the two Senate Democrats who voted to advance the CLARITY Act, Senators Ruben Gallego and Angela Alsobrooks, have warned that their future support will depend on an agreement on ethics guardrails for government officials dealing with crypto.
“I’m still optimistic, but the timing matters a lot now, and odds could shift wildly as the calendar progresses,” Thorn concluded.
The total crypto market capitalization is at $2.17 trillion on the one-week chart. Source: TOTAL on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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