More Than 200 Crypto Groups Press Senate for Vote on Landmark US Market Structure Bill
A coalition spanning major exchanges, venture firms, and grassroots advocates delivered a formal demand to Senate leadership on June 8, 2026, urging a floor vote on legislation that would establish the first comprehensive federal framework for digital assets in US history.
Coinbase, Ripple Labs, Kraken, Andreessen Horowitz, Circle, Binance US, and Hedera are among more than 200 organizations that co-signed a letter sent Monday to Senate Majority Leader John Thune (R-SD) and Senate Minority Leader Chuck Schumer (D-NY), calling on them to schedule a full floor vote on the Digital Asset Market Clarity Act (H.R. 3633).
Stand With Crypto, which helped organize the effort, says its advocacy network now reaches nearly 3 million people across all 50 states.
The bill has already cleared one chamber. Introduced by House Financial Services Committee Chairman Rep. French Hill, the Clarity Act passed the House on July 17, 2025, with a 294 to 134 bipartisan vote. Today's letter to Senate leadership follows an escalating campaign: in April 2026, more than 100 crypto firms sent a separate letter urging the Senate Banking Committee to advance the bill through markup, a push that helped clear the path to the committee vote.
The bill cleared the Senate Banking Committee on May 14 with a 15 to 9 bipartisan vote and was placed on the Senate Legislative Calendar on June 1, making it eligible for a full floor proceeding. Senate leadership has not yet committed to scheduling the vote. With approximately eight weeks of floor time remaining before the summer recess, and the bill requiring an estimated full week of proceedings, the window is narrow.
What the Bill Would Do
The Clarity Act divides oversight of digital assets between two federal regulators. The Commodity Futures Trading Commission would cover digital commodities, a category that would formally include Bitcoin and XRP. The Securities and Exchange Commission would retain jurisdiction over investment contract assets. The formal classification of XRP as a digital commodity would resolve one of the most consequential outstanding legal ambiguities in the sector, with particular significance for markets where Ripple is operationally active. The legislation also creates registration pathways for crypto firms, shields DeFi (decentralized finance) software developers from liability for how users misuse their protocols, and requires stablecoins to hold 100 percent liquid reserves backed by monthly third-party attestations.
That last provision carries weight well beyond US borders. Dollar-pegged stablecoins such as USDC and USDT are already core financial infrastructure in parts of Sub-Saharan Africa and South Asia, where businesses and individuals use them for trade settlement, remittances, and treasury management when local currencies are unreliable. A federal reserve requirement with independent attestation would add a legal backstop to assets that millions of people already treat as savings and payment instruments.
Stakes for Emerging Markets
The scale of what is at stake in those regions is not abstract. Between July 2024 and June 2025, Sub-Saharan Africa received more than $205 billion in on-chain crypto value, a 52 percent increase year over year, according to data from Chainalysis cited by Ripple.
Nigeria has formally recognized digital assets as securities under its 2025 Investments and Securities Act. Kenya signed its Virtual Asset Service Providers Bill into law in October 2025. South Africa requires mandatory licensing for crypto asset service providers.
These frameworks are still being built, and their architects are watching Washington.
Ripple, one of the named signatories of the June 8 letter, has a direct operational interest in the outcome. The company's On-Demand Liquidity product uses XRP to settle cross-border payments in real time, with active corridors in the Philippines, Southeast Asia, and parts of South Asia.
US regulatory clarity strengthens Ripple's ability to expand those corridors. The broader institutional appetite for such clarity is substantial: a survey by Coinbase and EY-Parthenon found that 65 percent of institutional investors cite regulatory certainty as a key condition for expanding their crypto exposure, a figure that reflects how much legal ambiguity still constrains participation across the industry.
In India, exchanges Unocoin and CoinDCX have both published explainers on the Clarity Act for local audiences, a sign that the legislation's stablecoin reserve provisions in particular are being read as a potential template for domestic regulators and the Digital Rupee framework.
The India-US remittance corridor moves roughly $23 billion annually. Stablecoin infrastructure with a credible US legal foundation would make dollar-denominated cross-border transfers cheaper and more accessible for that corridor.
Political Obstacles Remain
The bill has unresolved problems that could prevent it from reaching the floor even if leadership wants to act. Democratic lawmakers are pressing for ethics provisions requiring government officials to divest crypto holdings to prevent them from profiting from crypto while in office, a condition that falls outside the Banking Committee's jurisdiction and has not been resolved.
The American Bankers Association has flagged a stablecoin provision it says could let digital asset providers bypass stablecoin interest bans, drawing deposits away from banks.
Anti-money laundering and counter-terrorism financing groups argue the DeFi protections leave gaps for illicit finance.
Senate Agriculture Committee Democrats are also conditioning their cooperation on the White House filling four vacant CFTC commissioner seats.
The bill is also competing for floor time against a farm bill, immigration funding legislation, FISA reauthorization (which contains an embedded debate over a CBDC ban, making it a directly crypto-adjacent priority for this readership), and Iran war powers resolutions.
Senator Cynthia Lummis, who chairs the Senate Digital Assets Subcommittee, addressed the stakes in early June. "We are closer to a functioning digital asset market structure than we have ever been," she said. "Now is not the time to flinch."
What Comes Next
The original White House target of a July 4 signing now appears out of reach.
The GENIUS Act, a companion bill focused on stablecoin regulation, passed earlier in 2026 and established an international benchmark that accelerated regulatory momentum worldwide. The Clarity Act would complete what the GENIUS Act began, giving the United States its most comprehensive crypto legal framework in history.
The August recess represents the last realistic checkpoint before the political calendar shifts toward midterm positioning, which historically crowds out technical legislation. If the bill does not pass this cycle, the regulatory vacuum it was meant to fill will persist, and the regulators in Lagos, Nairobi, Mumbai, and Johannesburg who are waiting to see what Washington does will have to keep writing their own rules without a global reference point.