A broad coalition of crypto trade groups, venture firms, and digital asset companies is pressing the Senate Banking Committee to advance a markup on market structure legislation, arguing the U.S. cannot afford more delay as other jurisdictions push ahead with clearer rules.
The letter, dated April 23 and led by the Crypto Council for Innovation and the Blockchain Association, was addressed to Chairman Tim Scott, Ranking Member Elizabeth Warren, Digital Assets Subcommittee Chair Senator Cynthia Lummis, and Ranking Member Ruben Gallego.
The groups urged the committee to “notice and proceed towards a markup” of the Clarity Act.
What the coalition wants
The coalition praised the committee’s work on several issues central to the negotiations, including preserving transaction-based consumer rewards tied to payment stablecoins, clarifying SEC and CFTC authority over tokenized financial instruments, protecting developers of decentralized technologies, and creating a predictable federal baseline across all 50 states.
The letter also cast the bill as a test of U.S. leadership in digital finance:
“The United States cannot risk a return to the previous era of regulation by enforcement, which perpetuated uncertainty for both builders and market participants.”
The groups added that “timely action is critical” as the lack of a comprehensive U.S. framework risks pushing “investment, jobs, and technological development offshore.”
Signers included Coinbase, Circle, Kraken, Uniswap Labs, Ripple, Andreessen Horowitz, Chainlink Labs, Chainalysis, OKX, Paradigm, and Block, alongside advocacy groups and state-level crypto organizations.
Bill delays and remaining hurdles
The letter’s timing is notable given recent turbulence in the legislative process.
Negotiations had reportedly reached a “good spot” on the question of stablecoin rewards, though ethics concerns around President Trump’s crypto ties were expected to resurface.
A TD Cowen report flagged five additional hurdles still hanging over the bill beyond the stablecoin yield issue, and an April target for Senate action had already begun to slip.
May deadline floated
Still, some lawmakers appear optimistic.
Sen. Bernie Moreno said at a Washington event Wednesday evening that he believes crypto market structure legislation will be completed by the end of May.
Moreno also reportedly dismissed bank objections to stablecoin yield as “a lot of noise in the system,” though his office did not respond on whether a markup could slip into next month.
