- More than 120 crypto industry entities have urged US Senate Banking Committee leaders to advance the CLARITY Act.
- The legislation passed the House in July 2025 but has been stalled by debates over stablecoin yield and other issues.
- Industry groups warn that US delay risks ceding economic and strategic advantages to other global jurisdictions.
- Key players like Coinbase and the American Bankers Association have differing views on the bill’s timeline and content.
More than 120 industry groups, including the Crypto Council for Innovation (CCI) and Blockchain Association, urged the US Senate Banking Committee on Thursday to move forward with a crucial digital asset market structure bill. They said in a letter the committee should “proceed towards a markup of the CLARITY Act” to establish a federal framework. This push comes despite the bill facing significant delays since its House passage last summer, partly due to government shutdowns. Consequently, industry advocates argue that “timely action is critical” as other nations forge ahead with their own crypto regulations.
The Senate Banking Committee, chaired by Tim Scott, already postponed a markup in January after Coinbase CEO Brian Armstrong expressed opposition. Since then, banking and crypto representatives have met with lawmakers to negotiate sticking points like stablecoin yield. However, as of Thursday, no new markup date had been set, creating uncertainty for the legislative process. Meanwhile, US Senator Thom Tillis recently suggested delaying any committee action until May to allow for further compromise discussions.
This latest coalition letter, signed by major players like Coinbase, Kraken, and the Texas Blockchain Council, echoes a similar plea from The Digital Chamber just days earlier. That group also asked the committee to schedule a markup “as soon as the calendar allows,” noting the narrowing legislative window. Conversely, the American Bankers Association requested more time from regulators this week, a move that could further delay implementation. Their ask for 60 additional days to comment would likely push back the stablecoin bill’s full enactment.
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