More than 200 crypto organizations and companies have jointly written to the leadership of the U.S. Senate, urging them to expedite the passage of the CLARITY Act to the full Senate. With the Senate Banking Committee having already passed the bill, the struggle over the regulatory framework for the U.S. crypto market is accelerating.

Industry-wide joint pressure

In a letter dated June 7, industry groups stated that the Senate should maintain its current momentum and give lawmakers the opportunity to advance a bill on a more stable market structure. Signatories included Stand With Crypto, the Blockchain Association, the Crypto Council for Innovation, and The Digital Chamber.

The bill focuses on regulatory clarity.

These organizations stated that the CLARITY Act aims to establish clearer federal rules for the digital asset market, clarifying registration pathways, regulatory responsibilities, and consumer protection requirements. They also described the legislation as a key step in maintaining the United States' leadership in financial innovation and digital infrastructure.

Banking opposition is rising

Meanwhile, opposition from traditional banks is also emerging. JPMorgan Chase CEO Jamie Dimon stated last month that banks would oppose the parts of the bill concerning stablecoin regulation, especially provisions that could allow stablecoin issuers to directly compete with banks in payment and deposit services.

Additional information:Senator Cynthia Lummis recently stated publicly that the CLARITY Act has passed committee review and the next step is to go to the full House for a vote.