Crypto Groups Press Congress on Critical Market-Structure Bill

More than 120 entities tied to the cryptocurrency and blockchain sector are urging U.S. lawmakers to advance a comprehensive digital asset market structure bill. In a letter to leaders of the Senate Banking Committee, the Crypto Council for Innovation (CCI) and the Blockchain Association called for moving toward a markup of the CLARITY Act, which would establish a federal framework for digital asset markets. The legislation, which passed the House in July 2025, has been stalled amid broader government funding battles and disputes over stablecoin yield and other topics.

According to the signatories, timely policy action is critical because other major jurisdictions have already enacted wide-ranging crypto regulation. The authors warned that without a comparable U.S. policy framework, the country could cede both economic advantages and strategic leadership to abroad, risking domestic investment, jobs, and technological development to offshore venues. The letter was signed by more than a hundred groups and prominent exchanges, highlighting broad industry support for a formal federal market structure.

Key takeaways

• Industry coalition presses lawmakers to move ahead with a markup of the CLARITY Act, seeking a federal market framework for digital assets.
• The CLARITY Act has bipartisan backing in the House but is awaiting action in the Senate, where scheduling remains uncertain.
• The debate over stablecoin yield remains a central sticking point in negotiations between crypto firms and lawmakers.
• Industry advocacy groups, including exchanges and trade associations, are intensifying their push as other jurisdictions implement their own frameworks.
• Regulatory timing is affected by additional governance requests, such as GENIUS-related comment periods, which could influence the pace of related rules.

Industry coalition pushes for a federal market framework

The central message of the letter is a direct appeal: lawmakers should “proceed towards a markup of the CLARITY Act to provide a comprehensive federal market structure framework for digital assets.” The signatories argue that a unified federal standard would reduce fragmentation, clarify asset classifications, and foster domestic innovation. In their view, a timely markup is essential to maintain U.S. competitiveness as other nations finalize their own regulatory regimes.

Among the signatories are traditional crypto exchanges and a broad set of industry groups. The coalition includes Coinbase and Kraken, as well as advocacy groups such as the Texas Blockchain Council and the Solana Policy Institute. Their collective stance underscores a broad spectrum of support for a formal federal framework that could shape custody, trading, custody, and issuer rules for digital assets.

The letter also emphasizes a key tradeoff: deferring action risks a lag in policy that could push companies to relocate development and jobs to jurisdictions with clearer rules. In the authors’ view, the United States risks losing strategic advantages if it does not keep pace with international policy developments that are already affecting the global crypto ecosystem.

Lawmakers’ timetable remains uncertain as talks continue

Despite the House’s earlier approval, the Senate Banking Committee, chaired by Tim Scott, has yet to set a new markup date for the CLARITY Act. The committee postponed a markup in January, hours after Coinbase CEO Brian Armstrong indicated that the bill as written did not garner his support. Since then, lawmakers have held discussions with industry participants to address sticking points, notably the treatment of stablecoins and the mechanics of yield on thosecoins used by issuers and custodians.

In the latest public comments, Senator Thom Tillis urged committee leadership to consider delaying markup until May to give participants more time to negotiate a compromise on stablecoin yield. The sense is that a productive resolution will require narrowing the points of disagreement between crypto firms, banks, and regulators, a process that may extend the timeline for formal consideration in the Senate. As of now, no new markup date has been announced by the committee.

The broader context includes parallel discussions from other industry bodies. The Digital Chamber, another crypto advocacy group, urged the banking committee to schedule markup “as soon as the calendar allows,” highlighting that the current congressional window is finite. A representative note from The Digital Chamber described the legislative pace as a factor in the sector’s planning horizon, signaling that industry groups view a timely process as essential to sustaining momentum in policy development.

Regulatory crosswinds: stablecoins, GENIUS and the policy race

Beyond the CLARITY Act, concurrent regulatory efforts add to the sensitivity of the timing. The American Bankers Association recently requested an extension from four U.S. agencies responsible for GENIUS regulations, seeking 60 additional days to submit comments after the Office of the Comptroller of the Currency released its related rules. A delay of that length would likely slow the full implementation of the GENIUS framework, another factor that could influence how quick a comprehensive market structure policy takes shape in Congress.

These dynamics sit alongside ongoing debates about stablecoin design and governance—issues that have repeatedly surfaced in discussions with lawmakers. The industry’s push to align federal policy with the realities of digital asset markets remains a persistent theme, with participants arguing that a robust framework would reduce uncertainty and enable responsible innovation while protecting users and the financial system.

In parallel, the letter from the Digital Chamber and other industry groups underscores a broader narrative: the United States cannot afford to fall behind in setting clear, predictable rules for digital assets. The stakes, according to proponents, go beyond immediate policy wins; they hinge on sustaining domestic investment, talent, and the ability to compete globally as the crypto sector continues to expand and evolve.

For investors and builders, the core question is what a finalized CLARITY Act would look like in practice. While the path to a markup remains uncertain, the convergence of industry support and regulatory pressure suggests that lawmakers may soon face renewed momentum to formalize a federal framework. How any compromise on stablecoin yield would be reconciled with existing financial-safety objectives could shape not only the bill’s fate but broader policy direction for the sector in the coming months.

As the process unfolds, market participants should monitor whether the Senate channels the momentum into a concrete markup timetable and whether negotiations yield a framework that balances innovation with consumer protections. The unfolding debate reflects a pivotal moment for U.S. crypto policy, with the potential to influence where and how digital asset activity unfolds over the next phase of the industry’s development.

Looking ahead, observers should watch for a clear signal on markup scheduling, as well as any breakthroughs on stablecoin governance that could unlock a path to broader regulatory consensus. The next weeks will reveal whether the CLARITY Act can navigate the remaining political and technical hurdles or if the fragmentation in the policy conversation will persist, delaying a federal settlement that many in the industry say is long overdue.

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