Prefer us on Google 
Download App 
Download App
Over one hundred cryptocurrency companies and industry organizations are urging the U.S. Senate to advance long-delayed market structure legislation, cautioning that persistent indecision could drive innovation and capital away from the nation.
In a collective letter dispatched on April 23, the Crypto Council for Innovation and the Blockchain Association implored the Senate Banking Committee to proceed with a markup of the “Clarity Act,” a proposed bill intended to establish a comprehensive federal regulatory framework for digital assets.
The correspondence, which Bitcoin Magazine has reviewed, was directed to Committee Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chair Cynthia Lummis, and Ranking Member Ruben Gallego, indicating a growing alignment within the industry around a singular legislative objective: achieving regulatory certainty.
Among the signatories are prominent crypto entities such as Coinbase, Ripple, Kraken, and Circle, in addition to venture capital firms and developer associations. Collectively, this alliance represents a diverse spectrum of the digital asset landscape, encompassing infrastructure providers and academic bodies.
Central to this advocacy is the critical need to clearly delineate regulatory authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The absence of statutory direction has resulted in what the industry terms “regulation by enforcement,” referencing a series of lawsuits and actions initiated by both agencies in recent years.
While regulatory bodies have sought to assert their oversight through legal challenges, the coalition contends that agency actions alone are insufficient to provide the stable, predictable environment necessary for sustained investment. Instead, they advocate for Congress to formalize explicit rules governing the classification, trading, and disclosure requirements for digital assets.
Crypto innovation will leave the United States
The letter further details several additional key objectives. These encompass safeguards for developers creating non-custodial technologies, the retention of consumer benefits associated with payment stablecoins, and the development of simplified disclosure frameworks specifically designed for blockchain-based assets. It also underscores the significance of preventing a fragmented regulatory landscape across different states, advocating instead for a uniform federal standard.
Industry leaders are sounding the alarm that the U.S. is lagging behind other jurisdictions that have already enacted comprehensive regulatory frameworks for cryptocurrencies.
For instance, the European Union’s Markets in Crypto-Assets (MiCA) regulation has brought legal clarity to its member states, positioning the region as a competitive center for digital asset advancement.
Ji Hun Kim, chief executive of the Crypto Council for Innovation, stated that the U.S. is at a “pivotal juncture” in shaping the trajectory of financial technology. He asserted that the bipartisan groundwork already established in Congress, coupled with initiatives like the GENIUS Act focusing on stablecoins, provides a solid basis for more extensive legislation.
“The United States cannot afford to revert to the prior era of regulation by enforcement,” the letter emphatically states. “Market structure legislation would preclude that uncertainty by establishing unambiguous jurisdictional boundaries, disclosure frameworks, and rules that are fit for their intended purpose.”
Despite the strong sense of urgency communicated by the coalition, the Senate Banking Committee has not yet scheduled a date for the markup of the Clarity Act. This delay keeps the industry in suspense as lawmakers continue to deliberate on the specifics of federal cryptocurrency oversight.
Just yesterday, U.S. Treasury Secretary Scott Bessent appealed to the Senate to approve the legislation during a hearing concerning Donald Trump’s Fiscal Year 2027 budget proposal, arguing that it is crucial for maintaining American financial preeminence and the dollar’s status as a reserve currency.
He characterized digital assets as both an economic and national security concern, highlighting the necessity for regulatory certainty and robust oversight mechanisms such as Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols. Lawmakers remain divided, with competing proposals like the Digital Asset Market Clarity Act and the Digital Commodity Intermediaries Act still requiring resolution before they can move forward. Bessent also cautioned that the ambiguous U.S. regulatory environment has propelled crypto innovation to other countries, while expressing optimism that a bipartisan consensus is still attainable.
Editorial Disclaimer: We utilize AI as an integral part of our editorial process, including for research support, image creation, and quality assurance. All content is overseen, reviewed, and approved by our editorial staff, who bear responsibility for accuracy and integrity. AI-generated visuals are created using only tools trained on appropriately licensed materials. In the realm of Bitcoin, as in media: Don’t trust. Verify.
According to the portal: bitcoinmagazine.com