More than 100 crypto companies and industry groups are pressuring the US Senate to advance long-awaited legislation, warning that continued risks will push talent and capital out of the country.
In a joint letter sent on April 23, the Crypto Council for Innovation and the Blockchain Association urged the Senate Banking Committee to move forward with a symbol of the “Clarity Act,” bill is planned to be implemented the entire federal system for digital products.
The letter, seen by bitcoin magazine, was sent to Committee Chair Tim Scott, ranking member Elizabeth Warren, Executive Committee Chair Cynthia Lummis, and ranking member Ruben Gallego, showing the growing consensus of the industry around one rule: regulatory clarity.
Signatories include major crypto companies such as CoinbaseRipple, Kraken, and Circle, along with other companies and development organizations. Together, these partnerships represent a large part of the digital ecosystem, from infrastructure providers to academic communities.
At the center of the push is the need to clarify jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The lack of official guidance has led to the industry’s actions he explains such as “regulatory and enforcement,” referring to the number of cases and practices that both agencies have brought in recent years.
Although regulators have tried to demonstrate oversight in cases, the agreement states that agency actions alone cannot provide the stable, predictable framework needed for long-term investment. Instead, it wants Congress to enact clear rules on digital content distribution, marketing, and disclosure.
Crypto exchange will leave the United States
The letter describes some very important things. This includes security for developers who build non-security technologies, security of consumer rewards tied to stablecoins paymentsand improve disclosure controls related to blockchain assets. It also emphasizes the importance of avoiding the division of government by state, promoting federal unity.
Industry leaders warn that the US is lagging behind other jurisdictions that have already established crypto frameworks.
The European Union’s Markets in Crypto-Assets regulation, for example, has provided legal certainty in all member states, positioning the bloc as a competitive space for creating digital assets.
Ji Hun Kim, CEO of the Crypto Council for Innovation, said that the US is facing a “difficult time” in shaping the future of financial technology. He added that the bipartisan framework already in place in Congress, along with initiatives such as the GENIUS Act on stablecoins, provide the basis for more legislation.
“The United States cannot risk a return to the previous era of law enforcement,” the letter said. “Market regulation can prevent this uncertainty by establishing clear boundaries, disclosure controls, and appropriate regulations.”
Despite the importance of this agreement, the Senate Banking Committee did not revise the Clarity Act. The delay leaves the industry in a rut as lawmakers continue to debate federal crypto oversight.
Yesterday, US Treasury Secretary Scott Bessent encouraged the Senate to pass this law during the hearing on Donald Trump’s FY2027 budget, saying that it is important for the US economic leadership to maintain the responsibility of maintaining the dollar.
He recorded digital economy as important for the economy and national security, emphasizing the need for legal clarity and strong regulatory measures such as AML and KYC. Lawmakers remain divided, with competing bills such as the Digital Asset Market Clarity Act and the Digital Commodity Intermediaries Act still needing reconciliation before moving forward. Besent also warned that unclear US legislation has pushed crypto innovation abroad, while expressing confidence that bipartisan agreement is still possible.
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