Coinbase, Ripple Join 200 Crypto Firms To Push For CLARITY Act Vote

After the odds for the CLARITY Act becoming law in 2026 tanked, over 200 cryptocurrency firms are urging the US Senate to accelerate the legislative process. The coalition’s push comes amid a busy schedule for the U.S. senators, with proponents for the bill eyeing passage before the start of the August recess.

Over 200 crypto firms push for CLARITY Act vote 

US-based digital asset service providers have made a last-ditch effort to fast-track the passage of the CLARITY Act into law. The crypto firms, operating under a coalition, penned a letter to Senate Majority Leader John Thune and Minority Leader Charles Schumer, urging them to “bring the Clarity Act to the Senate floor without delay.” Crypto heavyweights, including Coinbase, Ripple, Circle, Binance.US, and Kraken, formed the vanguard of the 200+ firms seeking to lobby Congress. The coalition hinged its argument for speedy passage on the Senate Banking Committee’s passage of the CLARITY Act, describing it as a “defining moment” for the US and its digital finance ambition.

Furthermore, coalition members argue that the passage of the bill will allow the US to spearhead the global development of digital assets. Per the letter, failure to pass the bill will result in the future of digital assets moving to jurisdictions with weaker consumer protections and less transparency.

“The Senate should now build on that momentum and give members the opportunity to advance durable market structure legislation,” read the joint letter. The CLARITY Act cleared a major hurdle on May 14 after the Senate Banking Committee advanced the bill in a bipartisan 15-9 vote, teeing the bill for deliberation on the Senate floor. 

Racing against the clock 

Despite passing the House Committee stage, the Senate is yet to schedule floor time for the bill, sparking concerns of a delayed passage that could linger till 2027. The coalition’s letter comes on the heels of Galaxy Digital lowering the odds of the CLARITY Act passing in 2026 to 60% from 75%.

Meanwhile, both Polymarket and Kalshi have also reduced the odds for a 2026 passage for the crypto market structure bill. The falling odds mirror incoming frenetic weeks for the US Senators with pressing issues on AI, border security, and the FISA reauthorization vote tipped to take precedence over the CLARITY Act.

The coalition has its sights on passage before the start of the month-long August recess. According to Alex Thorn, Head of Firmwide Research at Galaxy Digital, failing to pass the CLARITY Act before the recess will hurt the chances of the bill becoming law in 2026. Thorn noted that the Senators are unlikely to proceed with major legislation in the fall of a midterm election year.

Meanwhile, a silver lining appeared with US-based journalist Eleanor Terrett confirming that administration officials will host law enforcement groups at the White House. The meeting will address concerns about several provisions in the CLARITY Act, including developer protections and ethical concerns.