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More than 100 cryptocurrency companies and industry groups are pressing the U.S. Senate to advance long-delayed digital asset legislation, warning that continued inaction could push innovation, capital, and talent offshore.
In a joint letter sent April 23 to leaders of the Senate Banking Committee, the coalition argued that regulatory action through agencies like the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission cannot substitute for clear, durable legislation. Without congressional action, the group said, the industry risks a return to what it describes as “regulation by enforcement,” a period marked by lawsuits and inconsistent oversight.
The letter was organized by the Crypto Council for Innovation and the Blockchain Association, and signed by major firms including Coinbase, Ripple, Kraken, and Circle. The signatories span exchanges, infrastructure providers, venture firms, and academic organizations, reflecting broad alignment across the digital asset ecosystem.
At the center of the push is the proposed “Clarity Act,” a market structure bill designed to establish a comprehensive federal framework for digital assets. A key provision would formally distinguish between digital commodities and securities, assigning oversight responsibilities between the CFTC and SEC. Industry participants argue that this distinction is critical for exchanges, custodians, and banks seeking to operate within defined legal boundaries.
Beyond jurisdictional clarity, the coalition outlined several priorities for lawmakers. These include protecting developers who build non-custodial tools, preserving consumer rewards tied to payment stablecoins, and implementing disclosure requirements tailored to blockchain-based assets. The letter also calls for a unified federal standard to avoid a fragmented, state-by-state regulatory approach.
Treasury Secretary Scott Bessent reinforced the stakes during a recent Senate hearing, framing digital asset regulation as both an economic and national security priority. He urged lawmakers to act, citing the need to maintain U.S. financial leadership and the dollar’s global role.
Despite bipartisan groundwork already laid in Congress, the Senate Banking Committee has yet to schedule a markup of the bill. Until then, the industry remains in a holding pattern, awaiting clarity on rules that could shape the next phase of financial infrastructure in the United States.
