A broad coalition of crypto industry groups is pressing the Senate to move quickly on landmark market-structure legislation they say is critical to “future-proof” the sector and lock in U.S. leadership in digital finance.
On Thursday the Crypto Council for Innovation and the Blockchain Association led more than 120 industry organizations in a joint letter urging the Senate Banking Committee to set a markup date for the CLARITY Act — the comprehensive federal market-structure bill for digital assets. The letter, addressed to Senators Tim Scott, Cynthia Lummis, Elizabeth Warren, and Ruben Gallego, asks committee leadership to formally notice a markup so lawmakers can advance a framework that clarifies market roles, strengthens consumer protections, and supports innovation.
The coalition praised recent SEC and CFTC steps to clarify the market but argued that agency action alone is not a lasting fix. “The U.S. has long been the global leader in financial markets due to its commitment to clear rules, strong institutions, and openness to innovation,” the groups wrote, urging Congress to enact durable legislation rather than return to an era of regulation by enforcement that leaves builders and market participants in limbo. They warned that delay risks ceding economic and strategic advantages to other jurisdictions that have already moved to regulate digital assets.
Their appeal comes as the markup faces possible postponement. Reports say the Banking Committee has until this Friday to notice a markup if it intends to vote on the CLARITY Act next week, but pressure from banking groups may push the session into the second week of May when lawmakers return from recess. Senator Thom Tillis’ office has reportedly experienced a “targeted pressure campaign” from banks unhappy with stablecoin yield restrictions in the current draft.
Stablecoin yield — whether platforms can pay interest or rewards to holders — has been the central sticking point between crypto firms and the banking sector and has stalled the bill for over three months. A revised draft circulated in late March tightened language: it would bar platforms from offering yield, directly or indirectly, on stablecoin balances in a way that resembles bank deposits, and would prohibit activities that are “economically or functionally equivalent” to interest, while restricting obvious workarounds.
Despite uncertainty, a mid‑May markup remains possible and has been mentioned by multiple lawmakers and crypto figures. Paradigm’s VP of Regulatory Affairs Justin Slaughter suggested targeted pressure is likely to ramp up only after Memorial Day, and Ripple CEO Brad Garlinghouse called May the critical month before attention turns to the midterm campaign season.
If the committee advances the CLARITY Act, supporters say it could provide the long-sought legal clarity for markets and products — and help the U.S. stay competitive as other countries build out their own digital-asset regimes. If delayed, the industry risks prolonged uncertainty and the chance that other jurisdictions will pull ahead.
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