The U.S. crypto regulation push just got another boost as The Digital Chamber called on the Senate Banking Committee to make progress with the CLARITY Act. In a letter, the trade association urged the committee to move the crypto bill into the markup phase.
Senate Banking Committee Receives Letter To Speed Up CLARITY Act Markup
The letter to Chairman Tim Scott and Ranking Member Elizabeth Warren urged action “as soon as the calendar allows.” The statement signed by CEO Cody Carbone spotlighted the urgency.
It stated that “it has been more than 270 days since the House passed the CLARITY Act with strong bipartisan support.” The Digital Chamber also said that lawmakers are already more than halfway through the 119th Congress.
This means that there is a shortage of time to act. Earlier, the CLARITY Act missed the April 20 week markup schedule. Now, it faces a tighter deadline in the April 27 week. Also, if the bill isn’t advanced before the May 21 recess, it could delay progress indefinitely.
However, the organization was appreciative of the Senate Banking Committee’s extensive work on the CLARITY Act. It is also grateful that the committee is prepared to consult industry stakeholders. Meanwhile, it claimed that transitioning to markup is “the clearest way to carry that work into the next phase of the legislative process.”
The letter further highlighted the magnitude of digital asset adoption. It noted that the further progress of the bill is critical to provide clarity to over 70 million Americans who have adopted digital assets.
In a post on X Taylor Barr, Government Affairs Director at the Digital Chamber, wrote, “Clarity cannot wait.” However, he acknowledged that the CLARITY Act still needs some inputs. Barr said, “There is still work to be done, but that work can and should continue as the legislative process moves forward.”
What Is Causing The Delay?
The CLARITY Act delay comes as banks and crypto entities have failed to reach a conclusion on the stablecoin yield debate. Although there have been efforts to reach a middle ground, they’re yet to be materialized. Recently, Senator Thom Tillis even urged to postpone the Senate markup to May 2026.
He cited that this duration would be needed for banks and crypto firms to negotiate on stablecoin rewards topic. Moreover, Tillis also delayed the stablecoin yield draft, which was previously scheduled to be released last week.
Without the draft, reaching negotiations could be difficult, experts believe. Further, banking groups raised new concerns on the stablecoin clause last week. It has also played a role in delaying the CLARITY Act markup.
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