Crypto advocacy group is pushing the Senate to advance the Clarification Act
A coalition of crypto firms and advocacy groups has urged US senators to move forward with the Clarity Act, warning that delay risks pushing the industry offshore.
Summary
- Crypto groups have urged the Senate Banking Committee to move forward with the Clear Rulebook, warning that delays could stifle investment and innovation overseas.
- The April 23 letter calls on lawmakers to take action, highlighting unresolved issues regarding stablecoin rewards, regulatory oversight, and the protection of established developers.
The push came in an April 23 letter led by the Crypto Council for Innovation and the Blockchain Association, addressed to Senate Banking Committee Chair Tim Scott, Ranking Member Elizabeth Warren, Digital Assets Committee Chair Cynthia Lummis, and Ranking Member Ruben Gallego, asking lawmakers to “take heed and proceed with comment” on the Clarification Act.
“With the proposed market structure legislation, Congress has an opportunity to extend that leadership to the next generation of financial technology,” the groups wrote.
Attention in the book has also turned to key policy areas under discussion. Participants point to efforts to preserve transaction-based rewards tied to payment stablecoins, define the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission to oversee commodity tokens, and put in place protections for developers working on decentralized systems.
Lawmakers have been weighing the need for a consistent federal foundation that would apply to all 50 states, an issue that has come up repeatedly in past industry filings.
Calls for clarification are not new. In May 2025, a separate coalition of 30 crypto advocacy groups pressed the SEC to clarify its position on the holding, arguing that the activity is a “technical process” rather than a securities transaction. Coordinated by the Proof of Stake Alliance, the coalition warned that vague rules could push innovation beyond US borders, echoing concerns expressed in a recent letter to the Senate.
The pressure builds as the timeline slips
Momentum around the Senate’s crypto package has grown as timelines remain uncertain.
At a Washington event on Wednesday, Senator Bernie Moreno said he expects the market structure legislation to be finalized by the end of May, according to reporter Eleanor Terrett. Moreno reportedly dismissed the bank’s opposition to stablecoin rewards as “a big noise in the system,” although his office did not confirm whether the token would be delayed next month.
Industry groups, however, have made it clear that temporary measures like the agency’s guidance will not be enough to address those gaps.
“The United States will not risk a return to the previous era of enforcement, which has fueled uncertainty for both manufacturers and market participants,” the letter said, adding that “timely action is critical” as delays could drive “investment, jobs, and technological development overseas.”
In support of the complaint, the letter carries signatures from major firms including Coinbase, Circle, Kraken, Uniswap Labs, Ripple, Andreessen Horowitz, Chainlink Labs, Chainalysis, OKX, Paradigm, and Block, along with a range of advocacy groups and government-level organizations.
Their message comes at a time when global competition over crypto regulation is growing, with jurisdictions such as the UK and Hong Kong already moving to define clear frameworks.
