More than 120 crypto organizations, led by the Crypto Council for Innovation and the Blockchain Association, sent a joint letter to the Senate Banking Committee on April 23 demanding the immediate marking of the CLARITY Act, warning that continued congressional inaction risks a dangerous deadline that could drive investment and jobs offshore.
Summary
- A coalition of more than 120 crypto organizations sent an urgent letter to the Senate Banking Committee on April 23 demanding the CLARITY Act be marked immediately.
- The letter warns that the delay risks pushing crypto investment, operations, and technology development overseas and relinquishes the regulatory role of setting the standard elsewhere.
- The pressure comes as Senator Bernie Moreno has warned that missing the May window could kill the bill forever, and Galaxy Research puts the odds of a 2026 passage at 50-50.
More than 120 crypto organizations from all over the digital ecosystem, including Ripple, jointly urged the Senate Banking Committee to move forward with the markup of the CLARITY Act, the industry’s most united effort to force the bill seen from the House’s 294 to 134 cleanup in July 2025. The letter, led by the Cryptorn Council and the Blockchain Association on April 2, Cryptorn moved the Innovation Association, led by Cryptorn 2 to make risks that push investments in digital assets and jobs far from the coast while rejecting the American opportunity to set a global standard for the regulation of the crypto market.
CLARITY Act Crypto Letter Delivers Clear Industry Ultimatum Now
The book’s main argument is that years of bipartisan work have produced a bill that is ready to move, and that further delay is no longer a bargaining chip but a threat to the law’s survival. As crypto.news reported, the April Banking Committee’s CLARITY Act markup was overturned by the bank’s renewed lobbying for stablecoin yield provisions, with the North Carolina Bankers Association urging members to call Senator Thom Tillis’ office directly to seek changes to the compromise that had already been negotiated with crypto firms. The White House Council of Economic Advisers responded by publishing a 21-page analysis concluding that curbing stablecoin yields would increase bank lending by just 0.02% while imposing $800 million in welfare costs on consumers, but pushback from banking groups nonetheless delayed the committee’s calendar. Anil Oncu, CEO of Bitpace, told Disruption Banking that the biggest risk now is prolonged congressional inaction: “The biggest risk now is that the current deadline continues to push the global standard-setting role away from Washington and elsewhere.”
What the Letter Asks the Senate to Do
The coalition’s priorities include drawing clear lines between the oversight roles of the SEC and the CFTC, protecting non-compliant software developers from consumer registration requirements, simplifying disclosure rules for digital asset issuers, and avoiding legal fragmentation that could result from combining state-by-state regulations that fill the federal void. As crypto.news tracked, the bill faces disagreements between crypto firms, banks, the SEC, and critics of the structure regarding stablecoin yields, DeFi oversight, and ethical provisions that prevent government officials from profiting from crypto. Ripple CEO Brad Garlinghouse publicly stated that the bill would pass by the end of May, while Coinbase CEO Brian Armstrong supported the latest version after reversing the company’s previous opposition in January.
Why the May Deadline Is Now Negotiable for the Industry
Senator Bernie Moreno has made it clear that if the bill does not reach the full Senate floor in May, the digital asset legislation may not move forward before the midterm election cycle closes. Senator Cynthia Lummis has gone further, publicly warning that this is “our last chance” and that losing the May window means waiting until at least 2030. As crypto.news is written, the bill has yet to clear the Banking Committee of the Senate, passed the full vote of the Senate that needs 60 votes, the reconciliation between the versions of the Committee of Agriculture and the Bank before reaching the House-pass text of President Trump. Each of those steps could be a stall, and the midterm campaign calendar leaves only weeks of legislative time before Congress shifts its focus entirely.
The Senate Banking Committee has not yet set a date for publication, and Chairman Tim Scott has yet to formally mark the bill into effect.
