Over 200 Crypto Companies Urge Senate to pass CLARITY Act

More than 200 cryptocurrency companies and industry organizations have called on the US Senate to move forward with the CLARITY Act, warning that continued delays could jeopardize its chances of becoming law.

In a letter published Monday by crypto advocacy group Stand With Crypto, industry participants urged Senate Majority Leader John Thune and Minority Leader Chuck Schumer “to bring the Clarity Act to the Senate floor without delay.” The signatories argued that the legislation is the result of extensive bipartisan negotiations and should now be given the opportunity to advance through the Senate.

According to the letter, the Senate Banking Committee’s approval of the bill last month followed “months of serious, bipartisan work,” and lawmakers should “build on that momentum and give members the opportunity to advance durable market structure legislation.”

The CLARITY Act is designed to establish clearer regulatory boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) when overseeing digital assets.

Industry and banking groups clash over key provisions

Despite progress, the legislation has faced repeated delays as lawmakers, regulators and industry stakeholders continue debating several controversial provisions. One major point of disagreement involves stablecoin yield products. Banking organizations have pushed for restrictions preventing crypto platforms from offering yield-bearing stablecoins, while crypto advocates have sought stronger protections for developers building decentralized blockchain applications. These disagreements have fueled months of negotiations and slowed the bill’s advancement through Congress.

The letter was signed by several leading industry organizations, including Stand With Crypto, the Blockchain Association, The Digital Chamber and the Crypto Council for Innovation. The groups argued that passing the legislation would help retain jobs, investment and innovation within the United States while strengthening the country's position in the global digital asset sector.

“Digital asset markets are global, growing, and central to the future of financial infrastructure,” the letter stated. “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.”

Time running short before election season

The push for action comes as concerns grow that the legislative window for passing the CLARITY Act may be narrowing. The Senate has not yet allocated floor time for debate on the bill ahead of November’s midterm elections, leading some analysts to reduce their expectations for passage this year.

On Friday, Galaxy Digital lowered its estimated probability of the bill passing in 2026 from 75% to 60%, citing mounting scheduling challenges. According to Galaxy, the legislation likely needs Senate approval before lawmakers begin their August recess in late July. “After that, the window effectively closes,” the firm said.

Remaining obstacles before a Senate vote

Several procedural and political hurdles still need to be cleared before the legislation can reach a final vote. The Senate Agriculture Committee and Senate Banking Committee have each approved separate versions of the bill covering commodity and securities regulations. These versions must now be reconciled into a unified proposal before Senate debate can begin.

Lawmakers have also identified additional areas requiring amendments, including ethics rules and measures aimed at combating illicit financial activity. These issues are viewed as critical to securing the 60 votes necessary to advance the legislation without prolonged procedural delays. Senator Cynthia Lummis, one of the bill’s key supporters, told CNBC on Wednesday that lawmakers are actively working to address concerns related to ethics and illicit finance that could otherwise undermine support.

However, Galaxy Digital noted that it has not yet seen evidence indicating that negotiations have materially progressed or that the outstanding disagreements have been fully resolved. As a result, uncertainty remains over whether the CLARITY Act can reach the Senate floor and secure approval before the legislative calendar becomes increasingly constrained by election-year priorities.

Sources:

https://cointelegraph.com/news/over-200-crypto-firms-push-senate-to-pass-clarity-act

https://x.com/standwithcrypto/status/2063931587163513258