Over 200 crypto organizations sent a letter to Senate Majority Leader John Thune and Senate Minority Leader Charles Schumer urging lawmakers to advance the CLARITY Act, a market structure bill for digital assets. Advocacy group Stand With Crypto shared the coordinated letter on Monday alongside the Blockchain Association, the Crypto Council for Innovation, and The Digital Chamber. The organizations argued the legislation would establish a comprehensive federal framework for digital asset markets, clarifying regulatory responsibilities and creating registration pathways while keeping innovation and investment in the United States.
Stand With Crypto and Partners Coordinate Letter to Senate Leaders
Stand With Crypto shared the letter on Monday, writing on X that the CLARITY Act "needs to cross the finish line." The letter was signed by key industry players including Coinbase, Circle, Ripple, and Binance.US. The organizations emphasized the CLARITY Act's bipartisan passage during the Senate Banking Committee's markup session and urged the Senate to build on that momentum.
The letter stated the bill would establish a comprehensive federal framework for digital asset markets, clarifying regulatory responsibilities, creating workable registration pathways, maintaining protections for software developers, and bringing more crypto asset activity into responsible US markets. Stand With Crypto wrote that over 200 organizations sent a simple message to Senate leadership: "it's time for the Clarity Act."
Industry Letter Argues CLARITY Act Will Strengthen US Digital Asset Leadership
The crypto organizations argued in the letter that the CLARITY Act would allow Congress to keep innovation, jobs, investment, and market activity in the US while strengthening America's role as the global leader in digital asset innovation. The letter stated: "Digital asset markets are global, growing, and central to the future of financial infrastructure. 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."
The organizations argued the Senate has the opportunity to "ensure the next generation of financial infrastructure is built, governed, and regulated in America," and must "bring the Clarity Act to the Senate floor without delay." The Blockchain Association and 160 former national security, intelligence, and law enforcement professionals sent a similar letter last week to Senators Thune and Schumer. That letter argued that without a clear federal framework, crypto activity could continue shifting offshore to opaque markets, making it harder for US authorities to monitor and prosecute financial crimes.
Senate Vote Expected in Coming Weeks Amid Legislative Hurdles
The industry's push follows last month's approval of the Senate Banking Committee's portion of the crypto bill, which was stalled for months over the stablecoin yield dispute. A full Senate vote is expected in the coming weeks, with a potential passage by July 4, according to Patrick Witt, executive director of the President's Council of Advisors for Digital Assets.
The legislation will require approval by the House of Representatives, which passed its own version of the bill last year, suggesting that the two texts may need key reconciliation before it can move to President Donald Trump's desk. On Friday, Galaxy's Head of Firmwide Research, Alex Thorn, sent a note to clients lowering his odds of passage from 75% to 60%. He explained that the Senate calendar was "one of the biggest hurdles, and that picture has worsened," noting that after the failed FISA reauthorization vote on Thursday, this week will likely be dominated by FISA-related business.
Thorn highlighted the lack of news suggesting negotiations around the bill have advanced on outstanding issues, including ethics or illicit finance. The two Senate Democrats who voted to advance the CLARITY Act, Senators Ruben Gallego and Angela Alsobrooks, have warned that their future support will depend on an agreement on ethics guardrails for government officials dealing with crypto. Thorn concluded: "I'm still optimistic, but the timing matters a lot now, and odds could shift wildly as the calendar progresses."
FAQ
What did over 200 crypto organizations ask Senate leaders to do on Monday?
Over 200 crypto organizations sent a letter to Senate Majority Leader John Thune and Senate Minority Leader Charles Schumer urging them to schedule a vote for the CLARITY Act. The letter was coordinated by Stand With Crypto, the Blockchain Association, the Crypto Council for Innovation, and The Digital Chamber, with signatories including Coinbase, Circle, Ripple, and Binance.US.
Why did Alex Thorn lower his odds of the CLARITY Act passing?
Alex Thorn, Galaxy's Head of Firmwide Research, lowered his odds of passage from 75% to 60% on Friday. He cited the worsening Senate calendar as one of the biggest hurdles, noting that after the failed FISA reauthorization vote on Thursday, this week will likely be dominated by FISA-related business, potentially reducing the window to work on the CLARITY Act. He also highlighted the lack of news suggesting negotiations have advanced on outstanding issues including ethics or illicit finance.
