120+ crypto groups urge Senate to mark up CLARITY Act

On April 23, more than 120 crypto organizations, led by the Blockchain Association and the Crypto Council for Innovation, urged the Senate Banking Committee to hold a markup on the CLARITY Act. The coalition asked lawmakers to create clearer federal rules for digital-asset markets.

The joint letter, addressed to senators including Tim Scott, Elizabeth Warren and Cynthia Lummis, said recent actions by the SEC and CFTC do not provide the legal certainty markets and businesses need to scale. The group asked Congress to set firm jurisdictional lines between securities and commodities regulators, protect consumer-facing features such as stablecoin rewards, and avoid unintentionally targeting developers of decentralized systems.

The coalition also called for a single federal baseline to prevent a patchwork of 50 state rules. Industry members said inconsistent rules are increasing compliance burdens and complicating business planning.

Ji Kim, chief executive of the Crypto Council for Innovation, wrote that the United States needs clear rules for digital asset markets and that a Senate markup would move lawmakers closer to an international standard. Lindsay Fraser, chief policy officer at the Blockchain Association, described the coalition’s objective as advancing a durable bipartisan framework through Congress to the President’s desk. Markus Levin, co-founder of XYO, called market-structure legislation overdue and said delays are creating uncertainty for builders who need a baseline to focus on real-world use cases.

The letter highlighted tax reporting burdens as a practical problem. Kraken reported filing more than 56 million 1099-DA forms for 2025, with roughly 18.5 million filings covering transactions under $1 and about 74% of filings reporting amounts under $50. Under current rules that treat crypto as property, routine actions such as staking rewards or micro-payments can trigger taxable events and reporting requirements.

Market data showed overall crypto market capitalization fell nearly 2% in a 24-hour period to about $2.6 trillion, with 24-hour trading volume around $141 billion. Bitcoin traded near $78,372 and Ether around $2,332. TRON’s token TRX gained roughly 7% over the past 30 days.

The CLARITY Act has drawn bipartisan attention as lawmakers consider how to adapt securities and commodities frameworks for digital assets. Supporters say the bill would reduce legal uncertainty for exchanges, asset managers and developers. Critics have raised concerns about investor protection and the proper scope of federal oversight. The coalition urged the Senate Banking Committee to move to a markup that could clarify regulatory responsibilities, simplify compliance and limit inconsistent state requirements.