In a coordinated industry push, over 100 cryptocurrency firms, including Coinbase, Ripple, and Andreessen Horowitz (a16z), have signed a joint appeal urging the U.S. Senate Banking Committee to advance market structure legislation for digital assets. The appeal, organized through the Blockchain Association and the Chamber of Crypto Innovation, calls for a formal markup of comprehensive market structure rules, representing one of the largest coordinated industry efforts to push U.S. lawmakers toward clearer crypto regulation.
Adding to the momentum, The Club for Growth—a non-profit founded in 1999 that focuses on economic policies supporting free enterprise—also issued a letter in support of the CLARITY Act. The legislation, which remains parked in the Senate Banking Committee, aims to outline a regulatory ecosystem for digital assets while fueling innovation across the financial services sector. Signed by Club for Growth President David McIntosh, the letter argues that the United States is falling behind in digital asset innovation due to regulatory uncertainty.
The CLARITY Act is described as a needed course correction, with the group supporting policies that include: providing clear jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC); ensuring digital assets are regulated according to their underlying economic characteristics; fostering market-based innovation and competition; and giving legal certainty for developers, intermediaries, and users. The letter also calls for rejecting regulation-by-enforcement and restoring the proper role of Congress in setting policy.
However, the letter does not address the key issue of stablecoin yield, which remains the biggest impediment to agreement, as legacy banks fear additional competition from the digital asset sector. The Club for Growth letter asks the Senate Banking Committee to prioritize approval of the legislation, stating: "Further delays in marking up this important legislation risks prolonging uncertainty and ceding more ground to foreign jurisdictions that are moving aggressively to attract digital asset innovation with clearer frameworks."
The coalition's appeal specifically targets market structure clarity, a long-standing demand from digital asset companies that have operated under fragmented and contradictory regulatory guidance. The breadth of the coalition spans exchanges, blockchain infrastructure companies, venture capital firms, and DeFi projects. Coinbase, one of the largest publicly traded crypto exchanges in the U.S., has been at the center of regulatory disputes for years, and its participation underscores how deeply exchange operators want legislative certainty. Ripple, embroiled in one of the most closely watched U.S. regulatory battles, sees legislation as the preferred path forward. Andreessen Horowitz, having deployed billions into crypto startups, signals that institutional investors view regulatory clarity as essential to continued capital deployment.
The Senate Banking Committee holds jurisdiction over key aspects of U.S. financial oversight, and any market structure bill would need to pass through it. A coalition of this size pressuring the committee could accelerate the timeline for a formal markup session. The appeal arrives as U.S. crypto policy remains a politically active topic, with recent cases involving alleged insider trading on prediction platforms and law enforcement requests to freeze stablecoin assets highlighting the gaps that exist without comprehensive federal legislation.
