A coalition of major crypto firms warned that delays in U.S. market structure legislation risk pushing capital and jobs offshore. The message signals rising industry concern that regulatory uncertainty could erode the country’s position in digital finance.
In an April 23 letter, groups led by the Crypto Council for Innovation and the Blockchain Association urged Senate Banking Committee leaders to advance the Clarity Act toward markup. The appeal was directed to Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chair Cynthia Lummis, and Ranking Member Ruben Gallego. Signatories included Coinbase, Circle, Kraken, Ripple, and Andreessen Horowitz.
Will Senate Delays Undermine U.S. Crypto Leadership?
The push comes as other jurisdictions accelerate rulemaking for digital assets, offering clearer frameworks for firms and investors. The European Union’s Markets in Crypto-Assets (MiCA) regime is already in force, creating a unified baseline across member states, while the U.S. still relies on agency interpretation and enforcement actions.
The coalition emphasized key provisions under discussion, including stablecoin-linked consumer rewards, jurisdictional clarity between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), and protections for decentralized technology developers. It also highlighted the need for a consistent federal framework across all 50 states to reduce compliance fragmentation.
“Timely action is critical,” the groups wrote, warning against a return to regulation by enforcement that previously created uncertainty for builders and market participants.
The letter framed the legislation as a test of whether the U.S. intends to remain central to the next phase of financial innovation.
But negotiations remain unresolved. According to TD Cowen, at least five key hurdles persist beyond stablecoin yield debates, while earlier expectations for April progress have slipped. Still, some lawmakers see a narrowing window, with Senator Bernie Moreno indicating the bill could be finalized by the end of May.
🚨NEW: At an event in DC this evening, Senator @berniemoreno was asked about the timeline for crypto market structure legislation.
— Eleanor Terrett (@EleanorTerrett) April 22, 2026
“I think we’re going to get it done by the end of May,” he said.
The Ohio Republican warned last month that if the Clarity Act isn’t passed by May,… https://t.co/wKkIwF7tBT
The next catalyst will be whether the Senate schedules a formal markup, a procedural step that would signal tangible progress toward a unified U.S. crypto market structure framework.
