More than 200 crypto organizations and companies have urged U.S. Senate leadership to move forward with the CLARITY Act, intensifying pressure on lawmakers as momentum for the legislation continues to build in Washington.
In a joint letter dated June 7, industry groups including Stand With Crypto, the Blockchain Association, the Crypto Council for Innovation, and The Digital Chamber called on Senate leaders John Thune and Chuck Schumer to schedule the bill for full Senate consideration.
“The Senate should now build on that momentum and give members the opportunity to advance durable market structure legislation,” the letter stated.
The coordinated push comes shortly after the Senate Banking Committee advanced the CLARITY Act with bipartisan support. This positions the legislation as one of the most significant crypto market structure proposals currently moving through Congress.
Momentum around the bill has also been reinforced publicly by Senator Cynthia Lummis, one of Congress’ most prominent crypto advocates.
“The CLARITY Act passed committee. The floor is next,” Lummis wrote in a recent post.
Industry groups warn innovation could move offshore
The letter framed the legislation as a broader competitiveness issue for the United States rather than simply a crypto-specific policy debate.
According to the organizations, the digital asset industry risks continuing to move toward offshore jurisdictions if Congress fails to establish clearer regulatory frameworks for crypto markets.
“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,” the letter said.
The groups argued the CLARITY Act would create clearer federal rules for digital asset markets. Also, it would establish workable registration pathways, clarify regulatory responsibilities, and strengthen consumer protections.
The organizations also described the legislation as essential for preserving American leadership in financial innovation and digital infrastructure.
Banking opposition is already forming
The growing push for the CLARITY Act also comes as resistance from parts of the traditional banking industry becomes more visible.
Last month, JPMorgan CEO Jamie Dimon said banks would “fight” parts of the legislation on stablecoin regulation. He argues that crypto firms offering payment and deposit-like services should face banking-style oversight requirements.
Dimon specifically criticized proposals that could allow stablecoin issuers to compete with traditional deposit platforms without equivalent liquidity, AML, capital, and consumer protection obligations.
The comments marked one of the clearest public signs yet that major U.S. financial institutions may actively oppose parts of the emerging crypto framework as legislation advances.
Senate debate could shape future crypto regulation
The CLARITY Act has become one of the most closely watched digital asset bills in Congress because it seeks to define how crypto assets, exchanges, developers, and stablecoin-related activities should be regulated in the United States.
The legislation arrives as lawmakers face increasing pressure to establish clearer rules.
For the crypto industry, the debate is increasingly being framed as a race between building digital asset infrastructure inside the United States or allowing innovation and capital formation to migrate overseas.
Final Summary
- More than 200 crypto organizations urged Senate leadership to advance the CLARITY Act following bipartisan committee approval.
- The growing industry push comes as major banks, including JPMorgan, publicly signal opposition to parts of the legislation.