Three major cryptocurrency advocacy groups have written to Senate leaders urging immediate floor consideration of the Digital Asset Market Clarity Act.
The crypto Council for Innovation, Digital Chamber, and Blockchain Association sent their joint letter Friday to Senate Majority Leader John Thune and Minority Leader Chuck Schumer.
Republican lawmakers have been pushing for a Senate vote on the CLARITY Act before the chamber breaks for state work periods in August.
The bill has already advanced through the Senate banking and agriculture committees, though some lawmakers are withholding support until specific provisions are addressed.
“[We] recognize that constructive bipartisan negotiations remain underway to secure and expand support for this critical piece of legislation,” said the letter from the three groups.
The CLARITY Act requires 60 votes to clear the Senate, where Republicans currently hold only a 52-47 majority over Democrats, making bipartisan support essential.
Senate Republicans released a 616-page version of the bill this week, marking the first major legislative effort to oversee the digital asset industry at a federal level.
The bill includes ethics provisions barring public officials from issuing or sponsoring cryptocurrencies, but many Democrats have called those measures far too weak.
Senator Ruben Gallego expressed sharp frustration with the current ethics language, saying: “Whatever piece of s— they sent back to us, that was not a serious effort.”
Political pressure has intensified following President Trump’s financial disclosures, which revealed he generated more than $1 billion in crypto-related income last year, including more than $600 million from his TRUMP memecoin.
Senators Ruben Gallego and Angela Alsobrooks, the two Democrats who voted to advance the bill out of the Senate Banking Committee in May, have conditioned their continued support on a strong ethics agreement.
Progressive organizations including Indivisible, Demand Progress, and the Revolving Door Project sent letters to Democratic Senate offices targeting Senator Kirsten Gillibrand, who has been attempting to broker a compromise on the ethics provisions.
BitGo CEO Mike Belshe pushed back against the ethics proposals, arguing any such rules should apply equally across all asset classes because the problem is politicians’ conduct, not crypto itself.
Major banks have also weighed in against the bill, arguing it fails to adequately protect deposits from competition posed by stablecoin rewards programs.
Whether the CLARITY Act can attract sufficient Democratic votes to reach the 60-vote threshold remains highly uncertain given the deepening dispute over ethics guardrails.
