More than 200 crypto companies and organizations have urged the US Senate to pass the CLARITY Act, amid concerns that continued stalling could see it miss an important legislative window.
In a letter on Monday shared by crypto lobby group Stand With Crypto, the group called on Senate Majority Leader John Thune and Minority Leader Chuck Schumer “to bring the Clarity Act to the Senate floor without delay.”
It said the Senate Banking Committee’s vote last month to pass the bill took “months of serious, bipartisan work” and the Senate should “build on that momentum and give members the opportunity to advance durable market structure legislation.”
The bill would outline how the Securities and Exchange Commission and the Commodity Futures Trading Commission would regulate crypto, but it has stalled multiple times in the Senate this year as lawmakers and lobbyists have disagreed on its provisions.
Source: Stand With Crypto
Banking groups have pushed for the bill to include a ban on platforms offering stablecoin yields, while the crypto industry has lobbied to include protections for developers of decentralized crypto platforms, both sparking months of negotiations between the groups.
The letter, signed by the lobby groups Stand With Crypto, The Digital Chamber, the Blockchain Association, and the Crypto Council for Innovation, said the bill would keep crypto jobs, investment and market activity in the US and make the country a “global leader in digital asset innovation.”
“Digital asset markets are global, growing, and central to the future of financial infrastructure,” the letter said. “The question before Congress is whether that future will be built in the United States — under U.S. law, U.S. oversight, and American values — or continue moving to offshore jurisdictions with less transparency, weaker consumer protections, and limited accountability.”
Related: Crypto’s CLARITY Act faces partisan fight over ethics on Senate floor
The Senate has yet to schedule floor time for the bill ahead of the midterm elections in November, which has led analysts to drop their odds of the bill passing this year.
Galaxy Digital said on Friday that it lowered its odds of the bill passing in 2026 to 60% from 75%, saying it must pass the Senate before the August recess in late July, as “after that, the window effectively closes.”
The Senate Agriculture and Banking Committees passed their versions of the bill concerning commodities and securities laws, and each of those needs to be married up before being put to the Senate for debate.
Lawmakers have also flagged the bill needs amendments around ethics and policing illicit finance if it is to receive support for the at least 60 votes required for the legislation to pass without prolonged debate.
Senator Cynthia Lummis, who has worked to advance the bill, told CNBC on Wednesday that lawmakers are addressing the issues of ethics and illicit finance that could see it lose support on the floor.
Galaxy said it has not seen information showing that the bill, or negotiations around it, have advanced, or that the provisions at issue have been resolved.