Crypto Giants Beg Senate: Pass CLARITY Act or We’ll All Move to Dubai!

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Behold, the crypto cosmos has united in a most peculiar manner-over 120 firms, from Coinbase to Ripple, have penned a letter to the Senate Banking Committee, begging them to “notice and proceed” with the CLARITY Act. One might say the digital pioneers are as eager as a child on Christmas morning, though their gifts are more likely to be tax breaks than toys.

  • More than 120 crypto organizations including Coinbase, Ripple, Kraken, Circle, Uniswap Labs, Andreessen Horowitz, and Galaxy Digital sent a joint letter on April 23 demanding an immediate CLARITY Act markup. One wonders if the Senate’s calendar is a mere suggestion.
  • The letter was addressed to Banking Committee Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chair Cynthia Lummis, and Ranking Member Ruben Gallego, setting up the most coordinated industry lobbying push the bill has seen. It’s like a pack of wolves herding a timid sheep-only the sheep is the Senate, and the wolves are armed with legal jargon.
  • Treasury Secretary Scott Bessent has called the CLARITY Act a national security priority, while Senator Bernie Moreno warns that missing the end-of-May window could shelve the bill until 2030. A delay of five years? Why, that’s practically a lifetime in the world of blockchain!

The Blockchain Association posted on X that it and the Crypto Council for Innovation, joined by a broad coalition of more than 120 organizations, had urged the Senate Banking Committee to move forward with a markup on market structure legislation. The letter, addressed to Committee Chairman Tim Scott and Ranking Member Elizabeth Warren, along with Subcommittee Chair Cynthia Lummis and Ranking Member Ruben Gallego, calls on lawmakers to “notice and proceed towards a markup” of the CLARITY Act without further delay. One might say the crypto crowd is as persistent as a mosquito on a summer night.

CLARITY Act Senate Markup Demand Signals Industry Ultimatum

As Bitcoin Magazine reported, the coalition includes Coinbase, Circle, Kraken, Ripple, Uniswap Labs, Andreessen Horowitz, Chainlink Labs, Chainalysis, OKX, Paradigm, and Galaxy Digital, alongside advocacy groups, state blockchain associations, and university chapters of Stand With Crypto. The letter lists six legislative priorities: drawing a clear SEC and CFTC oversight boundary, protecting non-custodial software developers from broker registration requirements, upholding consumer stablecoin rewards tied to activity rather than passive holdings, simplifying digital asset disclosure rules, preventing a patchwork of state-by-state regulation from filling the federal vacuum, and establishing a predictable baseline that keeps capital and innovation onshore. It’s a list so detailed, one might think the crypto industry has been planning this since the days of the Wild West.

The Legislative Clock Is Now the Bill’s Biggest Enemy

The CLARITY Act passed the House 294 to 134 in July 2025 and cleared the Senate Agriculture Committee in January 2026. Despite that progress, the Senate Banking Committee has not scheduled a markup. As crypto.news documented, Congress breaks for Memorial Day recess on May 21, leaving fewer than four weeks of operational legislative time. Even after a successful markup, the bill must clear a 60-vote Senate floor threshold, be reconciled between the Banking and Agriculture Committee versions, reconciled with the House text, and signed by the president. Polymarket currently prices the bill’s 2026 passage odds at below 50%, a sharp decline from the 80% high it reached when the White House signalled imminent progress in early April. Galaxy Research has assessed odds at roughly 50-50 or lower, warning that the sheer number of unresolved questions under severe time pressure makes the path narrower than most in Washington have publicly acknowledged. It’s a race against time, and the Senate seems to have forgotten how to run.

Why This Moment Is Different From Prior Industry Pushes

The April 23 letter represents a level of industry coordination the CLARITY Act has not previously seen, with more than 120 organizations signing a unified document rather than issuing separate statements. As crypto.news tracked, Coinbase CEO Brian Armstrong reversed his company’s January opposition and publicly backed the current bill version in April, a shift that removed one of the most high-profile sources of internal industry friction. As crypto.news noted, the remaining obstacle is not within the crypto industry but between the industry and banking trade groups that continue to lobby individual senators to reopen stablecoin yield provisions already negotiated and agreed upon. The Senate Banking Committee has not announced a markup date as of publication. One might say the banking sector is as stubborn as a mule, and the crypto industry is as persistent as a terrier with a bone.

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2026-04-25 12:28