A coalition of more than 120 digital-asset firms, including Circle, Coinbase, Ripple, Kraken and Chainlink Labs, urged the Senate Banking Committee on Tuesday to move forward with a markup on the Clarity Act rather than delay the bill into May. The letter, organised by the Blockchain Association and the Crypto Council, argues that market-structure legislation would end years of jurisdictional ambiguity by setting clear disclosure regimes and fit-for-purpose rules for digital assets.
The push comes as the bill's timeline has slipped repeatedly. What began as a 2025 finish-line target moved through an end-of-April window — Polymarket odds on a deal by month-end briefly hit 80–90% before fading — and now looks set for May. Senator Thom Tillis has pressed the Banking Committee to shift the markup to allow more time to settle the friction between banks and crypto firms over stablecoin rules. The bill has already passed the House with strong bipartisan support.
Why it matters
The coalition is framing the delay as an existential question for US-based crypto. Senator Cynthia Lummis has been a vocal proponent of marking the bill up now, but the procedural decision sits with Banking Committee chair Tim Scott, not with crypto's traditional allies. Industry signatories warned that without enactment, the SEC's recent pro-innovation posture could reverse, returning the sector to regulation by enforcement. The letter explicitly says the legislation would prevent a "return to the previous era of regulation by enforcement" and protect American consumers and builders.
Market impact
The deadline slip matters more for sector sentiment than for spot prices. Crypto market commentators point to the altcoin complex — total market cap ex-top-10 and Ethereum — as the segment most exposed to a regulatory stall, with technicals showing deeply oversold MACD conditions historically associated with cycle bottoms. The next seven days are the cleanest window: either the committee schedules markup, or the timeline formally migrates to May, and the implied probability of an April deal reprices accordingly.
Frequently asked questions
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What is the Clarity Act and what would it do?
The Clarity Act is US market-structure legislation for digital assets that would set clear jurisdictional boundaries between regulators, establish disclosure regimes, and create fit-for-purpose rules reflecting crypto's unique characteristics. It has already passed the House with bipartisan support.
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Why is the markup being delayed into May?
Senator Thom Tillis has pressed the Senate Banking Committee to shift the markup to allow more time to settle ongoing friction between traditional banks and crypto firms over stablecoin rules. Senator Tim Scott chairs the committee and controls the scheduling decision.
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Which companies signed the letter to the Senate?
A coalition of more than 120 organisations signed, organised by the Blockchain Association and the Crypto Council. Named signatories include Circle, Coinbase, Ripple, Kraken, Chainlink Labs, and Matter Labs, among many others across the digital-asset ecosystem.
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What happens to crypto if the Clarity Act stalls further?
Industry signatories warn that further delay risks unwinding the SEC's recent pro-innovation posture and returning the US to regulation by enforcement. The letter frames the legislation as the mechanism to lock in current regulatory momentum before it fades.
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How does the delay affect crypto markets in the near term?
The slip is more a sentiment event than a price catalyst. The altcoin complex — total market cap ex-top-10 and Ethereum — is the segment most exposed, with deeply oversold MACD conditions historically associated with cycle bottoms. A further stall risks that setup resolving sideways rather than triggering a relief…
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