Ripple and Coinbase Push Senate to Act

The U.S. Senate is facing growing pressure from the cryptocurrency industry to move forward with the CLARITY Act as quickly as possible. More than 200 companies and organizations have signed a joint letter calling on Senate leaders to schedule a vote on the proposed legislation.

The initiative is backed by Coinbase and Ripple, along with other major industry players including Kraken, Circle, Binance US, and venture capital firm Andreessen Horowitz, all acting through the Stand With Crypto coalition. The effort has also received support from the Blockchain Association, the Crypto Council for Innovation, and The Digital Chamber.

Supporters argue that the CLARITY Act would establish a clear regulatory framework for digital assets, define the responsibilities of U.S. regulators, create registration pathways for cryptocurrency businesses, and preserve legal protections for software developers. According to the signatories, the legislation would help keep investment, jobs, and innovation related to digital assets within the United States.

Despite growing industry support, the bill’s future remains uncertain. Galaxy Digital recently lowered its estimate of the legislation’s chances of passing this year from 75% to 60%. Alex Thorn, the company’s Head of Research, believes the Senate must accelerate its work before lawmakers begin their August recess. Once the break starts, the likelihood of completing the legislative process could decline significantly.

The proposal has already cleared a committee stage, but it still requires debate on the Senate floor, consideration of amendments, and reconciliation of differences between versions prepared by various committees. Thorn argues that Senate leadership should dedicate time to the process before the end of July.

Galaxy Digital also points to unresolved issues related to ethics rules and anti-money laundering measures, which could influence the views of more skeptical senators.

A crowded legislative agenda may present another challenge. As lawmakers devote increasing attention to artificial intelligence regulation, representatives of the cryptocurrency industry are urging the Senate to hold a debate and vote on the CLARITY Act without delay.