More than 120 entities affiliated with the cryptocurrency and blockchain industry are urging US lawmakers to stop stalling on the advancement of a digital asset market structure bill.
In a Thursday letter to leaders in the US Senate Banking Committee, the Crypto Council for Innovation (CCI) and Blockchain Association said that the body should “proceed towards a markup of the CLARITY Act to provide a comprehensive federal market structure framework for digital assets.”
The legislation, expected to be one of the most significant laws to potentially impact the industry crypto, passed the House of Representatives in July 2025 but has been delayed due in part to government shutdowns and debates over stablecoin yield and other issues.
“Timely action is critical, as other major jurisdictions have already implemented comprehensive frameworks, and the absence of comparable US policy risks ceding both economic and strategic advantages,” said the letter. “The US needs a comprehensive market structure framework to support domestic digital asset innovation, or risk migration of investment, jobs, and technological development offshore.”
Source: CCI
The Senate Banking Committee, under chair Tim Scott, postponed a markup on the CLARITY Act in January hours after Coinbase CEO Brian Armstrong said that the company could not support the bill as written. Since that time, representatives from the banking and crypto industries have met with lawmakers to discuss issues within the bill — e.g. how to address stablecoin yield — and possible paths forward.
As of Thursday, the banking committee had not publicly announced a new date for the bill’s markup. However, US Senator Thom Tillis on Monday called for committee leaders to consider postponing any markup until May to give crypto and banking representatives more time to discuss a compromise on stablecoin yield.
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About 120 crypto companies and organizations signed onto the letter, including exchanges like Coinbase and Kraken, but also groups like the Texas Blockchain Council and Solana Policy Institute. It came just three days after the advocacy organization The Digital Chamber asked the banking committee to schedule a markup “as soon as the calendar allows”:
“We are now more than halfway through the 119th Congress, and it has been more than 270 days since the House passed the CLARITY Act with strong bipartisan support and we recognize the legislative window for this Congress is narrowing.”
Banking association asks for more, not less, time to address stablecoins
On Tuesday, the American Bankers Association asked four US government agencies responsible for GENIUS regulations for 60 additional days to comment after the Office of the Comptroller of the Currency finalized its rules. The request, if granted, would likely delay full implementation of the stablecoin bill.
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