More than 100 cryptocurrency companies and industry groups are lobbying the US Senate to advance long-awaited market structure legislation, warning that continued inaction threatens to push innovation and capital out of the country.
In a joint letter sent on April 23, the Cryptocurrency Innovation Council and the Blockchain Association urged the Senate Banking Committee to move forward with… Tags From the “Clarity Act” bill. Designed to establish A comprehensive federal framework for digital assets.
The message I saw bitcoin magazine, It was addressed to Committee Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chair Cynthia Loomis, and Ranking Member Ruben Gallego, reflecting the industry’s growing coordination around one legislative priority: regulatory clarity.
Signatories include major crypto companies such as CoinbaseRipple, Kraken, and Circle, along with venture companies and developer organizations. Collectively, the alliance represents a broad cross-section of the digital assets ecosystem, from infrastructure providers to academic groups.
At the heart of this campaign is the need to clearly define jurisdiction between the SEC and the CFTC. The lack of legal guidance has led to what this industry describes called “regulation by enforcement,” a reference to a wave of lawsuits and actions filed by both agencies in recent years.
While regulators have attempted to assert oversight through litigation, the coalition argues that agency work alone cannot provide the durable, predictable framework required for long-term investment. Instead, it calls on Congress to establish clear rules governing digital asset classification, trading and disclosure requirements.
Cryptocurrency innovation will leave the United States
The letter identifies several additional priorities. These measures include protections for developers who build and maintain unguarded technologies Consumer rewards are linked to stablecoins for paymentand simplified disclosure systems designed specifically for blockchain-based assets. It also emphasizes the importance of avoiding a fragmented system of regulation from state to state, and calling for a unified federal standard.
Industry leaders warn that the United States is lagging behind other jurisdictions that have already implemented comprehensive cryptocurrency frameworks.
For example, the EU’s markets in regulating crypto assets have provided legal certainty across member states, positioning the bloc as a competitive hub for digital asset innovation.
Ji Hoon Kim, CEO of the Cryptocurrency Innovation Council, said in a statement that the United States faces a “critical moment” in shaping the future of fintech. He said the bipartisan foundation already established in Congress, coupled with efforts like the GENIUS Act on stablecoins, provides a foundation for broader legislation.
“The United States cannot risk a return to a previous era of regulation through enforcement,” the letter said. “Market structure legislation would prevent this uncertainty by creating clear jurisdictional boundaries, disclosure regimes and fit-for-purpose rules.”
Despite the urgency conveyed by the coalition, the Senate Banking Committee has not yet set a date for amending the Clarity Act. This delay leaves the industry in a holding pattern as lawmakers continue to negotiate the limits of federal oversight of cryptocurrencies.
Yesterday, US Treasury Secretary Scott Besent urged the Senate to pass the legislation during a hearing on Donald Trump’s fiscal year 2027 budget, arguing that it is necessary to maintain US fiscal leadership and the dollar’s reserve status.
he framed Digital assets as a national economic and security priority, with an emphasis on the need for regulatory clarity and stronger supervisory frameworks such as anti-money laundering and KYC. Lawmakers remain divided, with competing bills such as the Digital Asset Market Clarity Act and the Digital Commodity Intermediaries Act still need to be settled before moving forward. Besant also warned that unclear US rules have pushed cryptocurrency innovation abroad, expressing confidence that bipartisan agreement remains achievable.
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