A broad coalition of crypto trade groups, venture firms, and digital asset companies is pressing the Senate Banking Committee to advance a markup on market structure legislation, arguing the U.S. cannot afford more delay as other jurisdictions push ahead with clearer rules.

In a letter dated April 23 and led by the Crypto Council for Innovation and the Blockchain Association, the groups urged Chairman Tim Scott, who heads the Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Elizabeth Warren, Digital Assets Subcommittee Chair Cynthia Lummis, and Ranking Member Ruben Gallego to "notice and proceed towards a markup" of the Clarity Act.

The coalition praised the committee’s work on several issues now at the heart of the negotiations, including preserving transaction-based consumer rewards tied to payment stablecoins, clarifying Securities and Exchange Commission and Commodity Futures Trading Commission authority over tokenized financial instruments, protecting developers and service providers of decentralized technologies, and creating a predictable federal baseline across all 50 states.

The letter also cast the bill as a test of whether the U.S. wants to remain central to digital finance.

"With thoughtful market structure legislation, Congress has the opportunity to extend that leadership into the next generation of financial technology," the groups wrote.

The signers stressed that agency guidance, while helpful, is not enough.

"The United States cannot risk a return to the previous era of regulation by enforcement, which perpetuated uncertainty for both builders and market participants," the letter said. It added that "timely action is critical" as the lack of a comprehensive U.S. framework risks pushing "investment, jobs, and technological development offshore."

The letter was signed by a long list of crypto heavyweights, including Coinbase, Circle, Kraken, Uniswap Labs, Ripple, Andreessen Horowitz, Chainlink Labs, Chainalysis, OKX, Paradigm, and Block, alongside advocacy groups, campus chapters, and state-level crypto organizations.

Crypto bill delays

The letter’s timing is notable.

The Block reported this week that negotiations around the Senate’s crypto package had reached what one source called a "good spot" on the question of stablecoin rewards.

Such news arrived even as ethics concerns around President Donald Trump’s crypto ties were expected to reemerge.

Another report from TD Cowen flagged five hurdles still hanging over the bill beyond the stablecoin yield issue, reflective of how much of the legislative fight now extends beyond one headline dispute.

Earlier this month, The Block also reported that an April target for Senate action had begun to slip.

Still, there are signs some lawmakers think the window has not closed. According to journalist Eleanor Terrett, Sen. Bernie Moreno said at a Washington event on Wednesday evening that he believes crypto market structure legislation will be completed by the end of May.

Moreno also reportedly dismissed bank objections to stablecoin yield as "a lot of noise in the system," though his office did not respond comment on whether a markup could slip into next month.