Over 100 crypto firms press CLARITY Act

TLDR

Over 100 crypto companies and advocacy groups have sent a coordinated letter urging the US Senate to advance the Digital Asset Market CLARITY Act.

1. Major firms including Coinbase, Ripple, Circle, Kraken and a16z are pressing Senate Banking leaders to schedule a committee markup on the CLARITY Act soon.
2. The bill would create statutory categories for digital assets, clarify SEC versus CFTC jurisdiction, and set federal rules for exchanges, issuers, DeFi and stablecoin rewards.
3. Progress is stalled mainly over how far to restrict stablecoin yield, and the industry warns that missing a May window could push real reform into the next political cycle.

Deep Dive

1. What The Industry Just Did

On 23 April 2026, a coalition of more than 100 US crypto organizations sent a formal letter to the Senate Banking Committee asking it to move ahead with a markup of the Digital Asset Market CLARITY Act, the key market structure bill for crypto. Signatories include Coinbase, Ripple, Circle, Kraken, Uniswap Labs, Andreessen Horowitz and others, coordinated by the Blockchain Association and Crypto Council for Innovation. Reports from Bitcoin.com and others describe the push as an effort to end regulation by enforcement and replace it with a clear statute that businesses can plan around.

The letter argues that delays risk pushing capital, jobs and innovation offshore as other jurisdictions, such as the EU with MiCA, already have comprehensive frameworks in place. It frames this as both an economic competitiveness issue and a consumer protection issue, not just an industry wish list.

2. What The CLARITY Act Would Actually Do

The Digital Asset Market CLARITY Act, which already passed the House in July 2025, would codify a line between investment contract assets and digital commodities, giving securities-like tokens to the SEC and commodity-like tokens such as Bitcoin and, once sufficiently decentralized, Ethereum, to the CFTC. Coverage in TokenPost explains how assets could migrate from SEC to CFTC oversight as networks decentralize.

Exchanges listing digital commodities would register with the CFTC, those listing investment contract assets with the SEC, and dual platforms would need dual structures. The bill also tackles:

1. Standardized, crypto-specific disclosure rules for issuers.
2. Protections for non-custodial software and DeFi developers.
3. A national baseline that preempts fragmented state-by-state rules.

For users, this points toward clearer rules of the road on what is a security, what venues must do, and what disclosures to expect.

3. Why It Is Stuck And What To Watch

Despite House passage, the Senate Banking Committee has repeatedly delayed markup. Coverage from Yahoo Finance and Crypto.news highlights one core sticking point: stablecoin yield. Banks have lobbied hard against allowing interest-like returns on stablecoin balances, while crypto firms want at least activity-based rewards preserved. A compromise draft reportedly bans passive interest but allows rewards tied to real usage, which many see as still too vague.

Political timing is also critical. Several reports note that if a markup slips beyond an informal May window, election dynamics could push substantive action into 2027 or later. Meanwhile, the separate GENIUS Act on stablecoins is already in implementation, creating pressure to align the two frameworks.

Conclusion

A large, coordinated block of crypto firms is trying to turn years of negotiations into an actual Senate vote on the CLARITY Act, which would finally codify how US law treats different types of tokens and venues. The outcome will shape where serious projects choose to incorporate, list and launch, so watching the Senate Banking Committee calendar and any compromise on stablecoin rewards is crucial for anyone focused on the long term US crypto landscape.