More than 200 digital asset companies, industry associations and advocacy groups have urged Senate leaders to bring the Digital Asset Market Clarity Act to a floor vote, arguing the legislation would create long-awaited rules for the U.S. cryptocurrency sector.
Stand With Crypto organized the effort alongside the Blockchain Association, the Crypto Council for Innovation and The Digital Chamber. The coalition delivered a letter to Senate Majority Leader John Thune and Senate Minority Leader Chuck Schumer, according to a statement on Monday.
The organizations said the bill would establish a federal framework for digital asset markets. Additionally, it would clarify which regulators oversee different parts of the industry.
The letter’s signatories included Coinbase Global Inc. (NASDAQ: COIN), Ripple, Kraken, Andreessen Horowitz, Circle Internet Group Inc (NYSE: CRCL) and Binance US. The groups argued that lawmakers should act quickly to provide regulatory certainty for businesses and investors.
According to the coalition, the legislation would create registration pathways for digital asset firms and protect software developers from unnecessary regulatory burdens. Furthermore, supporters said the framework would encourage more digital asset activity to remain within regulated U.S. markets.
The organizations argued that the United States already possesses key advantages in financial innovation. They pointed to deep capital markets, established legal institutions and a strong entrepreneurial sector as reasons the country could lead the next generation of financial infrastructure.
The push comes after the Senate Banking Committee approved the Clarity Act with bipartisan support last month. Subsequently, supporters have intensified efforts to build momentum ahead of a full Senate vote.
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Legislation still faces political challenges
Senator Cynthia Lummis recently signaled confidence that the legislation could advance further. In a post on X, she noted that lawmakers had cleared the committee stage and now needed to secure floor consideration.
Industry advocates have also sought support beyond the cryptocurrency sector. Last week, the Blockchain Association released a separate letter signed by 160 former national security and law enforcement officials. The group argued the legislation would strengthen oversight capabilities and improve enforcement tools for regulators.
Meanwhile, Treasury Secretary Scott Bessent has publicly encouraged lawmakers to move the bill forward this summer. White House crypto adviser Patrick Witt has also described the measure as supportive of regulation and law enforcement objectives.
However, the legislation still faces political challenges. Concerns about ethics and potential conflicts of interest continue to draw scrutiny, particularly regarding the Trump family’s connections to the cryptocurrency industry.
The industry’s push for federal legislation reflects a broader shift in Washington’s approach to cryptocurrency. In recent years, regulators largely relied on enforcement actions and existing securities laws to oversee the sector.
Consequently, many crypto firms argued that businesses faced uncertainty because agencies often disagreed about which rules applied to digital assets.
Meanwhile, lawmakers from both parties have increasingly acknowledged that digital assets are unlikely to disappear from the financial system.
The Clarity Act could mark a significant transition from regulation through enforcement toward regulation through legislation.
Additionally, supporters contend that clearer rules could encourage investment, attract companies to remain in the United States and provide greater certainty for consumers. Critics, however, argue that lawmakers must ensure any new framework contains strong investor protections and effective safeguards against fraud and market manipulation.
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