200+ crypto firms push Senate to pass CLARITY Act

More than 200 crypto companies and trade groups urged Senate Majority Leader John Thune and Minority Leader Chuck Schumer to bring the CLARITY Act to the Senate floor before the chamber’s August recess. The industry letter was shared Monday by the lobby group Stand With Crypto.

The letter argued the bill, advanced by the Senate Banking Committee, would define how the Securities and Exchange Commission and the Commodity Futures Trading Commission regulate digital assets and provide legal certainty for U.S. crypto firms. Signers included Stand With Crypto, The Digital Chamber, the Blockchain Association and the Crypto Council for Innovation.

The coalition warned delays could cause the measure to miss a narrow legislative window ahead of the August recess. The letter read that Congress must decide whether rules for digital assets will be set under U.S. law and oversight or shift to jurisdictions with lower transparency and weaker consumer protections.

Negotiations have stalled over competing provisions. Banking groups have sought a ban on platforms offering yields on stablecoins, while crypto industry groups have pushed for explicit protections for developers of decentralized finance platforms. Those differences required months of talks and slowed the bill’s progress.

Both the Senate Agriculture and Banking Committees passed separate versions of the legislation, one addressing commodities law and the other securities law. Those versions must be reconciled before a single bill can reach the floor. Lawmakers have also signaled that amendments covering ethics rules and anti-money-laundering measures will be necessary to secure the 60 votes needed to avoid extended debate.

Senator Cynthia Lummis has indicated lawmakers are working through ethics and illicit-finance concerns that could affect support on the floor. Asset manager Galaxy Digital lowered its estimate of the bill’s odds of passage in 2026 to 60% from 75%, noting the measure likely must clear the Senate before the end of July when the August recess begins.

The letter called on Senate leaders to schedule floor time so members can consider a merged bill reflecting committee compromises. If leaders do not act before the recess, analysts expect the CLARITY Act could lose momentum, leaving lawmakers to reconcile committee language, resolve outstanding policy fights over stablecoin yields and developer liability, and secure enough votes to advance the legislation.