200 Crypto Firms Just Yelled "CLARITY Now!" — Senate's Calendar Says "Hold Please" 📞

More than 200 crypto companies, trade groups and organizations signed a joint letter sent on June 7–8 to Senate Majority Leader John Thune and Minority Leader Chuck Schumer demanding a floor vote on the CLARITY Act "without delay," with Coinbase, Ripple, Kraken, Andreessen Horowitz, Circle and Binance US among the most prominent signatories. The letter was organized by Stand With Crypto, the Blockchain Association, the Crypto Council for Innovation and The Digital Chamber, with Stand With Crypto saying it has mobilized a network of nearly 3 million advocates across all 50 states. The coalition argued the bill "would keep crypto jobs, investment and market activity in the US" and "make the country a 'global leader in digital asset innovation.'"

The CLARITY Act cleared the Senate Banking Committee on May 14 by a 15–9 vote and was placed on the General Orders Calendar by June 1, but no floor vote has been scheduled. The bill, which has stalled multiple times in the Senate this year, would outline how the Securities and Exchange Commission and the Commodity Futures Trading Commission would regulate crypto, and would also need to be reconciled with the version passed by the Senate Agriculture Committee before reaching the floor. Banking groups have pushed for the bill to include a ban on platforms offering stablecoin yields, while the crypto industry has lobbied to include protections for developers of decentralized crypto platforms.

Treasury Secretary Scott Bessent and White House Crypto Advisor Patrick Witt have both publicly called on lawmakers to advance the CLARITY Act for a July 4 signing by President Donald Trump, with Senator Tim Scott also expressing support. Senator Cynthia Lummis told CNBC on Wednesday that lawmakers are addressing ethics and illicit-finance amendments that could cost the bill support on the floor, where it would need 60 votes to clear a cloture motion. The letter framed the choice for Congress directly, stating: "Digital asset markets are global, growing, and central to the future of financial infrastructure. The question before Congress is whether that future will be built in the United States — under U.S. law, U.S. oversight, and American values — or continue moving to offshore jurisdictions with less transparency, weaker consumer protections, and limited accountability."

Galaxy Digital said on Friday it had lowered its probability of the bill passing in 2026 to 60% from 75%, citing the requirement that it clear the Senate before the late-July August recess, "after that, the window effectively closes." Galaxy Digital's assessment comes as the Senate's floor schedule has grown crowded with competing legislative priorities, including a recent pivot toward artificial intelligence policy, and as analysts have flagged the November midterm elections as a further narrowing point for the bill's timeline.