Over 120 entities involved in the cryptocurrency and blockchain sectors have sent a letter to U.S. senators urging them to advance a market structure bill for digital assets.

In a letter to the leaders of the U.S. Senate Banking Committee on Thursday, organizations like the Crypto Council for Innovation (CCI) and Blockchain Association emphasized that they expect the committee to move forward with deliberations on the CLARITY Act, which aims to establish a federal market structure for digital assets.

The potential legislation is considered one of the most pivotal laws likely to affect the cryptocurrency space. It successfully passed the House of Representatives in July 2025 but has faced delays, partly due to government shutdowns and debates over stablecoin rates and other matters.

“Timely action is critical, as other major jurisdictions have already set up comprehensive frameworks, and the lack of comparable U.S. policies risks forfeiting both economic and strategic advantages,” stated the letter.
“The U.S. needs a thorough market structure framework to foster domestic innovation in digital assets, or it may see investments, jobs, and technological progress move offshore.”

U.S. Crypto Market

Sourced from: CCI on Twitter

The markup on the CLARITY Act, which was postponed by the Senate Banking Committee under Chairman Tim Scott in January, followed discussions led by Coinbase CEO Brian Armstrong about concerns over provisions in the bill. Following that meeting, representatives from both banking and cryptocurrency sectors have engaged with lawmakers to address issues with the legislation, including stablecoin yields and potential solutions.

As of now, the Senate Banking Committee has not announced a new date for the bill’s markup. Nonetheless, U.S. Senator Thom Tillis recently urged committee leaders to consider delaying the markup until May, allowing more time for discussions between representatives from both industries on how to reach a consensus.

Additional Context

Around 120 firms and organizations in the crypto realm signed the letter, which includes cryptocurrency exchanges such as Coinbase and Kraken, as well as groups like the Texas Blockchain Council and Solana Policy Institute. This plea to accelerate the legislative process comes shortly after the Digital Chamber urged the banking committee to schedule a markup at the earliest opportunity:

“We are now more than halfway through the 119th Congress, and it has been more than 270 days since the House passed the CLARITY Act with considerable bipartisan support. We understand the legislative window for this Congress is diminishing.”

In related news:
The American Bankers Association recently asked four U.S. government bodies overseeing the GENIUS regulations for an additional 60 days to provide feedback after the Office of the Comptroller of the Currency finalized its rules, which would likely delay the full implementation of the stablecoin bill.