Over 100 crypto firms call on Senate to move forward with Clarity Act

A unified group of more than 100 cryptocurrency companies and trade organizations on April 23, 2026 sent a formal letter to the Senate Banking Committee. 

The coalition is urging Senators Tim Scott (R-S.C.), Elizabeth Warren (D-Mass.), Cynthia Lummis (R-Wyo.), and Ruben Gallego (D-Ariz.) to move forward with a "markup" for the Digital Asset Market CLARITY Act. 

The group argues that the United States cannot continue to rely on government agencies alone to set policy. They noted that the current method of "regulation by enforcement", where the SEC and CFTC define rules through individual lawsuits, has created a fragmented and unstable environment for American businesses.

Related: 1inch legal chief says Clarity Act is ‘very DeFi-friendly’

Defining the rules of the road

The Digital Asset Market CLARITY Act is designed to draw a statutory line between digital commodities and investment contract assets. 

By creating this legal distinction, the bill provides clarity on the specific oversight responsibilities for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

While the bill has already cleared the House of Representatives, it has faced multiple delays at the Senate level. 

These setbacks have occurred as crypto leaders and banking giants struggle to reach a compromise on certain clauses. The most significant point of conflict remains whether yields on stablecoins should be allowed, a provision that has divided traditional lenders and digital asset firms.

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Major tech names join the fight

The letter features an unprecedented list of signatories, ranging from global financial platforms to venture capital giants. 

Prominent names backing the effort include Coinbase, Ripple, Circle, and Kraken, as well as Andreessen Horowitz (a16z), Paradigm, Paxos, and Galaxy Digital.

Other significant participants include Haun Ventures, Anchorage Digital, Consensys, and the Stellar Development Foundation. 

The coalition also features various state blockchain associations and university chapters of "Stand With Crypto," signaling that the demand for clear rules spans across both the business and academic worlds.

The six pillars for success

The coalition identifiedsix "critical priorities"that must be addressed to ensure the U.S. remains a leader in digital finance. 

In simple words, these pillars include:

1. Protecting rewards for people who use payment stablecoins.
2. Clearly defining the specific oversight roles of the SEC and the CFTC.
3. Ensuring developers who build decentralized software are not unfairly targeted.
4. Making sure new federal rules are technically compatible with blockchain technology.
5. Creating simple disclosure rules that companies can actually follow.
6. Create clear federal standards for consistent crypto regulation across all 50 states.

The global stakes

The group warned that while the U.S. remains in a legislative stalemate, other regions like the European Union have already implemented comprehensive crypto laws. 

Without a federal framework, the letter states that investment, high-tech jobs, and future development will continue to move offshore.

As of today, the Committee has not yet scheduled a formal date to move the bill forward.

Related: JPMorgan says CLARITY Act nearing finish line as talks advance