Crypto Council, Blockchain Association, and Digital Chamber Urge Senate to Pass the Clarity Act

Three of the largest crypto industry advocacy groups have jointly called on Senate leaders to advance the Clarity Act, the pending market structure bill that would establish the first comprehensive federal framework for digital asset regulation in the United States. The letter, sent Friday, argues that passing the legislation is essential to protect consumers and maintain U.S. leadership in financial innovation.

The Crypto Council for Innovation (CCI), Blockchain Association, and the Digital Chamber co-signed a letter to Senate leaders urging them to bring the Clarity Act to a floor vote. The groups described the bill as a necessary step to create durable rules for digital assets that safeguard consumers, protect markets, and ensure innovation can thrive domestically.

Nearly 67 million Americans, about one in four, already own digital assets, and recent research demonstrates that this trend is only growing," the letter states. The groups framed the Clarity Act as a "crucial opportunity for the Senate to improve upon the status quo.

The latest draft of the bill includes a provision banning government officials and their families from issuing or promoting crypto — a response to bipartisan concerns over conflicts of interest. The letter notes that "these improvements reflect engagement with policymakers across both parties and demonstrate that a well-crafted market structure framework can promote innovation while also bolstering national security.

The Clarity Act initially passed the House of Representatives but has been stalled in the Senate. Banking chiefs raised concerns over stablecoin provisions, particularly around whether crypto exchanges could offer yield on stablecoins — a feature traditional banks argue could draw deposits away from the banking system. Coinbase pulled its support for the bill in January following clashes with banking leaders on this issue.

A revised version of the bill has been circulating this week and is expected to head to a floor vote. On Thursday, Goldman Sachs chairman and CEO David Solomon became one of the first major banking executives to publicly back the legislation.

The Clarity Act represents the most serious attempt by Congress to codify digital asset regulations into federal law. Currently, crypto firms operate under a patchwork of state-level licenses and enforcement actions by the SEC and CFTC, creating legal uncertainty that the industry says stifles innovation.

If passed, the bill would provide a single federal framework for determining whether a digital asset is a commodity or a security, which exchange can trade it, and how custody rules apply. That clarity could unlock institutional capital that has remained on the sidelines due to regulatory risk.

The letter from the three groups adds significant political weight. The Blockchain Association and the Digital Chamber represent hundreds of companies ranging from startups to publicly traded exchanges. The Crypto Council for Innovation includes major institutional players and has been active in shaping legislative language through White House working group meetings held since last year.

Bitcoin and the broader crypto market have largely priced in the expectation of eventual regulatory clarity, but passage of the Clarity Act would represent a structural catalyst. Clear rules tend to reduce uncertainty premiums, which historically supports higher valuations and increased trading volume across digital assets.

The bill's trajectory directly affects market sentiment for U.S.-listed crypto companies including Coinbase, MicroStrategy, and mining firms. The stablecoin debate within the legislation also has implications for DeFi protocols and yield-bearing products.

**What is the Clarity Act?** The Clarity Act is a proposed U.S. federal law aimed at creating a comprehensive regulatory framework for digital asset markets, including rules for exchanges, stablecoins, and the classification of tokens as securities or commodities.

**Which groups sent the letter to the Senate?** The letter was co-signed by three major advocacy organizations: the Crypto Council for Innovation, the Blockchain Association, and the Digital Chamber.

**How many Americans own digital assets according to the letter?** The letter states that nearly 67 million Americans — approximately one in four — currently own digital assets, citing recent research showing the trend is accelerating.

**Why has the bill been delayed in the Senate?** The Clarity Act passed the House but stalled in the Senate after banking chiefs raised concerns over stablecoin provisions, particularly whether exchanges can offer yield on stablecoins in competition with traditional bank deposits.

**Does the latest draft include ethics provisions?** Yes. The revised version bans government officials and their families from issuing or promoting crypto, addressing bipartisan concerns about conflicts of interest.

**Which major bank has publicly supported the bill?** Goldman Sachs chairman and CEO David Solomon expressed support for the Clarity Act on Thursday, becoming the first major banking executive to publicly back the legislation.

**What happens next for the Clarity Act?** A new draft is circulating this week, and sources indicate the bill is expected to move to a Senate floor vote, though the exact timeline remains uncertain.

The joint letter from three top industry groups signals that the crypto sector is mobilizing its full political weight behind the Clarity Act. With a new draft circulating and Goldman Sachs signaling support, the bill has its best chance yet of breaking the Senate deadlock. For the latest updates on the Clarity Act and other regulatory developments, follow Bitcoin Magazine's ongoing policy coverage.