More than 200 crypto companies and advocacy groups have called on the US Senate to expedite a vote on the CLARITY Act, emphasizing the urgency to finalize the legislation before an impending congressional recess. The letter, circulated by the crypto lobby Stand With Crypto, presses Senate leaders John Thune and Chuck Schumer to move the bill to the Senate floor immediately.
The CLARITY Act, which aims to define regulatory authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets, has faced significant delays despite a bipartisan Senate Banking Committee vote last month. Supporters argue the bill represents months of cross-party collaboration and is essential to solidify a coherent regulatory framework in the US crypto market.
Lobbying groups backing the letter include Stand With Crypto, The Digital Chamber, the Blockchain Association, and the Crypto Council for Innovation. They warn that without clear rules, crypto innovation risks shifting to international markets with looser oversight, less consumer protection, and weaker regulatory accountability. The coalition stressed that passing the CLARITY Act would secure jobs, investment, and market growth in the US, positioning it as a leader in digital asset technology.
The delay stems partly from contentious debates between cryptocurrency advocates and traditional banking institutions. Banks have pressed for provisions banning stablecoin platforms from offering yield products, citing financial risk concerns. Conversely, crypto developers seek protections for decentralized platforms to foster innovation without excessive regulatory burdens. These conflicting demands have caused months of negotiation, stalling legislative progress.
Furthermore, the bill requires reconciliation between the versions passed separately by the Senate Agriculture and Banking Committees, which handle commodities and securities regulations respectively. Lawmakers have noted that amendments concerning ethics rules and anti-money laundering measures are necessary to build broad support for the legislation, which needs at least 60 votes to overcome potential filibusters.
Senator Cynthia Lummis, a key advocate for the bill, recently acknowledged ongoing efforts to address concerns about illicit finance and ethics to secure floor approval. However, political analysts, including Galaxy Digital, have downgraded the likelihood of the Act passing this year. They caution that if the Senate does not vote before the August recess, the opportunity to enact the bill before the midterm elections will effectively close, pushing prospects into 2026.