More than 120 crypto firms and industry groups have issued a coordinated demand for U.S. Senate action on the CLARITY Act, setting a de facto deadline before legislative momentum stalls. The push reflects growing concern that regulatory uncertainty could persist for years without near-term progress.
The joint letter, published April 23 by the Blockchain Association and the Crypto Council for Innovation, calls on the Senate Banking Committee to schedule a markup without delay. Signatories include major firms such as Coinbase, Ripple, Kraken, Circle, and Andreessen Horowitz. The coalition outlined six unresolved issues, including defining SEC (US) and CFTC (US) jurisdiction, protecting non-custodial developers, and establishing a consistent federal framework.
Can The Senate Act Before The Legislative Window Closes?
Time constraints are tightening. Congress enters recess on May 21, leaving fewer than four working weeks to advance the bill through committee, secure a 60-vote Senate majority, reconcile competing versions, and obtain presidential approval. Polymarket data shows odds of passage have fallen to დაახლოებით 46%, down from 82% earlier this year, reflecting rising uncertainty.
Industry participants warn delays could push comprehensive crypto legislation beyond the current election cycle. Senator Bernie Moreno has indicated that failure to pass the bill by late May could defer progress until after the midterms, potentially extending into the next decade. Meanwhile, analysts at JPMorgan have described midyear passage as a positive catalyst for digital asset markets.
Some market figures remain optimistic. Galaxy Digital CEO Mike Novogratz said in a recent podcast that the bill could reach committee in early May and be finalized by June.
“This is going to get done,” he said, expressing confidence that procedural delays, rather than policy disagreements, are the main obstacle.
Recent developments may ease scheduling pressure. Senator Thom Tillis has withdrawn his block on the Federal Reserve chair confirmation process, potentially freeing committee time for legislative action. The next critical step will be whether the Senate Banking Committee schedules a markup in early May, determining if the CLARITY Act can advance before the narrowing deadline.
