A coalition of more than 200 companies — including Coinbase, Ripple, and a broad swath of crypto and financial firms — sent a letter to Senate leaders this week demanding a floor vote on the CLARITY Act. The legislation, which has been stalled in committee for months, would create a federal registration pathway for digital assets and clarify which agency oversees what. Supporters say the bill is critical to keeping crypto activity inside U.S. jurisdiction.
What the CLARITY Act actually does
The bill aims to end the regulatory turf war between the SEC and CFTC by drawing clear lines around who regulates which digital assets. It also establishes a registration framework for crypto exchanges and issuers — something the industry has been pleading for since at least 2023. The core pitch: give companies a legal way to comply, rather than forcing them to guess or move offshore.
Why the push is happening now
The letter went out in mid-June, timed to the final months of the current congressional session. The signatories argue that the U.S. is losing ground to jurisdictions like the EU, which already has its Markets in Crypto-Assets (MiCA) framework in force, and to Singapore and the UAE, which have been actively courting crypto firms. “The CLARITY Act is the most viable path to a comprehensive U.S. framework that has bipartisan support,” the coalition wrote — though the exact wording of the letter isn't public, sources familiar with it describe the tone as urgent, not pleading.
Who’s on the list
Coinbase and Ripple are the biggest names, but the signatories span the industry: venture firms, exchanges, custody providers, decentralized finance protocols, and trade groups. The diversity matters — it shows that both centralized and decentralized camps back the same bill. Notably absent from public confirmation is any major bank or traditional financial institution, though several have lobbied separately for the bill in past months.
The next concrete step
The ball is now in Senate Majority Leader’s court. The letter asks for a vote before the August recess. If that doesn’t happen, the bill could die when the session ends, forcing supporters to start over next year. No word yet from Senate leadership on whether they’ll schedule it.
