Key Takeaways
- • Over 100 U.S. cryptocurrency companies and organizations, including Coinbase, Circle, Kraken, Ripple, Andreessen Horowitz (a16z), Paradigm, and Consensys, jointly petitioned the Senate Banking Committee to advance the Crypto-Asset Market Structure (CLARITY) Act as of April 23, 2026.
- • The coalition demands six core regulatory priorities: clear division of SEC and CFTC oversight responsibilities, protection for non-custodial app developers, simplified disclosure rules, and establishment of federal standards to replace the current "regulation by enforcement" approach.
- • Industry stakeholders warned that delays in passing the CLARITY Act risk driving investment, jobs, and development capacity overseas, citing comprehensive regulatory frameworks already implemented by the European Union and other major jurisdictions.
- • The Senate Banking Committee has not yet scheduled a markup of the CLARITY Act, leaving the bill's legislative timeline uncertain despite industry pressure for federal-level market structure governance.
Summary
A coalition of more than 100 U.S. cryptocurrency companies and industry organizations delivered a formal letter to the Senate Banking Committee on April 23, 2026, urging legislative advancement of the Crypto-Asset Market Structure (CLARITY) Act. Major signatories included leading exchanges and platforms—Coinbase, Circle (issuer of USDC), Kraken, and Ripple—alongside prominent venture capital firms Andreessen Horowitz, Paradigm, and Consensys, as well as blockchain developer groups and state-level crypto associations.
The coalition addressed the letter to Senate Banking Committee Chairman Tim Scott, ranking Democrat Elizabeth Warren, and Republican Senator Cynthia Lummis. The signatories argued that regulatory action by individual government agencies alone cannot create the stable institutional framework necessary for digital asset markets. They specifically warned against reversion to the "regulation by enforcement" approach employed during the Biden administration, characterizing it as an inadequate substitute for comprehensive federal legislation.
The industry group outlined six core demands to establish a federal market-structure framework: a clear delineation of responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), statutory protections for developers of non-custodial applications, simplified disclosure requirements, and establishment of federal standards for the digital asset market. Crypto Council for Innovation Chief Executive Officer Jihoon Kim stated that the United States must establish clear and comprehensive rules to maintain global leadership in digital-asset market standards, positioning Senate action as necessary to keep pace with regulatory developments in the European Union and other major jurisdictions.
The industry emphasized that legislative delays pose a competitive risk, warning that protracted regulatory uncertainty could drive investment capital, job creation, and development capacity to international markets where frameworks have already been codified. As of April 23, 2026, the Senate Banking Committee had not yet scheduled a markup session for the CLARITY Act, leaving its legislative prospects dependent on committee prioritization and scheduling.
The coalition addressed the letter to Senate Banking Committee Chairman Tim Scott, ranking Democrat Elizabeth Warren, and Republican Senator Cynthia Lummis. The signatories argued that regulatory action by individual government agencies alone cannot create the stable institutional framework necessary for digital asset markets. They specifically warned against reversion to the "regulation by enforcement" approach employed during the Biden administration, characterizing it as an inadequate substitute for comprehensive federal legislation.
The industry group outlined six core demands to establish a federal market-structure framework: a clear delineation of responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), statutory protections for developers of non-custodial applications, simplified disclosure requirements, and establishment of federal standards for the digital asset market. Crypto Council for Innovation Chief Executive Officer Jihoon Kim stated that the United States must establish clear and comprehensive rules to maintain global leadership in digital-asset market standards, positioning Senate action as necessary to keep pace with regulatory developments in the European Union and other major jurisdictions.
The industry emphasized that legislative delays pose a competitive risk, warning that protracted regulatory uncertainty could drive investment capital, job creation, and development capacity to international markets where frameworks have already been codified. As of April 23, 2026, the Senate Banking Committee had not yet scheduled a markup session for the CLARITY Act, leaving its legislative prospects dependent on committee prioritization and scheduling.
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