More than 200 crypto companies and organizations have called on the US Senate to pass the CLARITY Act, out of concern that further delay could cause it to miss an important legislative period.
In the letter on Monday divided by crypto lobby group Stand With Crypto, the group called on Senate Majority Leader John Thune and Minority Leader Chuck Schumer “to bring the Clarity Act to the Senate floor without delay.”
It said the Senate Banking Committee’s vote last month to pass the bill required “months of serious, bipartisan work” and that the Senate should “build on that momentum and give members an opportunity to advance permanent market structure legislation.”
The bill would have outlined how the Securities and Exchange Commission and Commodity Trading Commission would regulate crypto, but it stalled repeatedly in the Senate this year as lawmakers and lobbyists disagreed on its provisions.
Source: Be with crypto
Banking groups pushed for the bill to include a ban on platforms offering stablecoin returns, while the crypto industry lobbied to include protections for developers of decentralized crypto platforms, both of which prompted months of negotiations between the groups.
The letter, signed by lobby groups Stand With Crypto, The Digital Chamber, Blockchain Association and the Crypto Council for Innovation, says the bill will keep crypto jobs, investment and market activity in the US and make the country a “global leader in digital asset innovation”.
“Digital asset markets are global, growing and critical to the future of financial infrastructure,” the letter said. “The question before Congress is whether that future will be built in the United States—under American law, American oversight, and American values—or will it continue to move toward offshore jurisdictions with less transparency, weaker consumer protections, and limited accountability.”
Related: Crypto’s CLARITY Act faces a partisan fight over ethics in the Senate
The Senate has not yet set a time frame for the bill before November’s midterm elections, prompting analysts to reduce the odds that the bill will pass this year.
Galaxy Digital said on Friday that it had cut the odds of the bill passing in 2026 to 60% from 75%, saying it must pass the Senate before the August recess at the end of July, because “after that the window basically closes.”
The Senate Agriculture and Banking Committees have passed their versions of bills dealing with commodities and securities laws, and each needs to be reconciled before it goes to the Senate floor for debate.
Lawmakers have also indicated that the bill needs amendments related to ethics and oversight of illicit financing if it is to gain support for the minimum 60 votes needed to pass the bill without lengthy debate.
Senator Cynthia Lummis, who worked to advance the bill, told CNBC on Wednesday that lawmakers are dealing with issues of ethics and illegal financing that could cause it to lose support in the House.
Galaxy said he has not seen information indicating that the bill or negotiations surrounding it have progressed or that the provisions in question have been resolved.
