Over 100 Crypto Firms Urge U.S. Senate to Pass Digital Asset Clarity Act or Risk Losing Innovation to Offshore Markets

More than 100 cryptocurrency firms and industry groups are urging the U.S. Senate to advance the long-awaited Clarity Act, a bill designed to establish a comprehensive federal framework for digital assets. In a joint letter sent on April 23, the Crypto Council for Innovation and the Blockchain Association called on the Senate Banking Committee to move forward with a markup of the legislation.

The letter, addressed to Committee Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chair Cynthia Lummis, and Ranking Member Ruben Gallego, reflects growing industry coordination around regulatory clarity as a top legislative priority.

Signatories include major crypto companies such as Coinbase, Ripple, Kraken, and Circle, along with venture firms and developer organizations. The coalition represents a broad cross-section of the digital asset ecosystem, spanning infrastructure providers, payment processors, and academic groups.

Key Priorities in the Clarity Act Push

• Clear Jurisdictional Boundaries: The coalition urges Congress to define the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to end 'regulation by enforcement.'
• Non-Custodial Technology Protections: Safeguarding developers building decentralized, non-custodial tools and applications.
• Stablecoin Consumer Rewards: Preserving rewards programs tied to payment stablecoins.
• Unified Federal Framework: Avoiding a fragmented state-by-state regulatory system in favor of a single national standard.
• Streamlined Disclosure Rules: Tailored requirements for blockchain-based assets to reduce compliance burdens.

U.S. Risks Falling Behind Global Competitors

The letter emphasizes that the U.S. is losing ground to jurisdictions with clearer regulatory frameworks. For example, the European Union’s Markets in Crypto-Assets (MiCA) regulation has already provided legal certainty across member states, positioning Europe as a competitive hub for digital asset innovation.

“The United States cannot risk a return to the previous era of regulation by enforcement. Market structure legislation would prevent that uncertainty by establishing clear jurisdictional boundaries, disclosure regimes, and fit-for-purpose rules.”

Industry Leaders Warn of Offshore Exodus

Industry advocates argue that continued inaction risks pushing innovation and capital outside the U.S. Ji Hun Kim stated that the country faces a “critical moment” in shaping the future of financial technology, noting that bipartisan efforts like the GENIUS Act on stablecoins provide a foundation for broader legislation.

Despite the coalition’s urgency, the Senate Banking Committee has yet to schedule a markup of the Clarity Act. The delay leaves the industry in a holding pattern as lawmakers continue negotiations on federal crypto oversight.

On April 22, U.S. Treasury Secretary Scott Bessent also urged the Senate to address digital asset regulation, further highlighting the bipartisan momentum behind comprehensive crypto legislation.