Photo: Ben Arp

Coinbase, Ripple and 100+ crypto firms urge Senate to more forward on Clarity Act markup

The industry letter lands as the Senate Banking Committee faces mounting pressure to act on market structure legislation delayed since January.

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Add us on Google by Estefano Gomez Apr. 23, 2026

Coinbase, Ripple, Kraken and more than 100 crypto companies and industry groups are urging the Senate Banking Committee to move forward with a markup of the CLARITY Act, according to a joint industry letter published earlier today.

1/ Today, @BlockchainAssn and @crypto_council, joined by a broad coalition of more than 120 organizations from across the digital asset ecosystem, urged the Senate Banking Committee to move forward with a markup on market structure legislation.

Years of bipartisan work have… pic.twitter.com/JM9kWsubqC

— Blockchain Association (@BlockchainAssn) April 23, 2026

The letter, led by the Crypto Council for Innovation and the Blockchain Association, argues that the US needs a comprehensive federal market structure framework for digital assets and warns that delay risks pushing investment, jobs and technological development offshore.

The renewed industry push lands after months of slippage in Washington. Senate Banking Republicans released fact sheets for the CLARITY Act in January ahead of an expected markup, presenting the bill as a framework that would draw clearer lines between SEC and CFTC oversight, strengthen disclosures, protect software developers, and address illicit finance.

But the committee postponed its planned January debate after Coinbase CEO Brian Armstrong publicly opposed the draft, arguing that parts of the bill would weaken the CFTC’s role and effectively kill stablecoin rewards. Disagreements over those stablecoin provisions had already divided lawmakers and industry participants, forcing the bill off its original schedule.

Since then, the legislation has remained stuck in negotiations. The market structure bill was still stalled in the Senate Banking Committee in March because of an ongoing fight between the banking industry and crypto firms over stablecoin rewards.

The latest delay pressure has only intensified. Galaxy said this week that the CLARITY Act passed the House in July 2025 by a 294 to 134 vote and has been under intensive Senate negotiations since January. Galaxy also said the Senate Banking Committee had been widely expected to announce a markup for the last week of April, but that timetable began slipping after Senator Thom Tillis said the panel should wait until May before scheduling it.

The groups say Congress must move quickly to establish a predictable federal baseline, preserve US leadership in digital asset innovation, and provide legal clarity that regulators alone cannot guarantee.

They also highlight several priorities, including keeping activity based consumer rewards tied to payment stablecoins, preserving a clear division of labor between the SEC and CFTC, protecting developers and service providers tied to decentralized technologies, and improving disclosure and token certification rules.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.