More than 200 companies and organizations — including Coinbase, Circle, Ripple, and Kraken — sent a letter to Senate leaders on June 7 urging a full floor vote on the Digital Asset Market Clarity Act. The push comes weeks after the bill cleared the Senate Banking Committee and just ahead of the August recess, which many see as the make-or-break deadline for passage this session.
Letter to Senate leaders
The letter targets Senate Majority Leader and Minority Leader, asking them to schedule a vote on the bill, which already passed the House in July 2025 with a comfortable bipartisan margin of 294-134. The signatories argue the legislation would settle the long-running turf war between the SEC and CFTC over crypto oversight, create clear registration pathways for exchanges and brokers, and extend legal protections to software developers building on public blockchains.
House passage and Senate committee
The bill's journey through the Senate has been slower. The Banking Committee approved it on May 14 by a 15-9 vote, with Democrats Ruben Gallego and Angela Alsobrooks crossing party lines to support it. That bipartisan seal of approval gave the industry hope, but the full chamber remains a tougher sell. Analysts at Galaxy Digital put the odds of enactment at about 60%, with the August recess creating real urgency.
DeFi and ethics provisions
Not everyone is on board. Three sticking points have emerged. One is the treatment of decentralized finance — language around DeFi provisions remains contested, with some senators worried the bill doesn't do enough to rein in unregulated protocols. Another is an ethics clause that would restrict government officials from profiting on crypto holdings, a measure that has drawn quiet opposition from some members. And anti-money-laundering requirements are still being negotiated with Treasury officials.
Stablecoin reward dispute
Coinbase, one of the letter's biggest names, actually withdrew support for the bill back in January 2026. The reason: a proposed ban on stablecoin rewards, effectively killing yield-bearing products like those Coinbase offers through USDC. The exchange has since kept its distance from the lobbying push, though its name still appeared on the Sunday letter — suggesting a tactical truce on that front, at least for now.
The clock is ticking. With the Senate scheduled to break for August recess in about six weeks, leadership faces a narrow window to call the bill to the floor. If a vote doesn't happen before then, the whole process resets next year — and the industry's best shot at comprehensive crypto rules could slip away.
