More than 120 crypto companies and trade groups have urged the U.S. Senate Banking Committee to move forward with long‑delayed legislation on the crypto market structure. In an April 23 letter, the Crypto Council for Innovation and the Blockchain Association led a broad coalition asking senators to “swiftly” schedule a markup of the bill.
Coinbase, Ripple, Kraken, Circle, OKX, Crypto.com, the Solana Policy Institute, Consensys, and the Zcash Foundation are among the signatories. They signaled coordinated pressure on both Republican and Democratic leadership by addressing the letter to Senate Banking Chair Tim Scott, Ranking Member Elizabeth Warren, Chair of the Digital Assets Subcommittee Cynthia Lummis, and Ranking Member Ruben Gallego.
What the Industry Wants in a Market Structure Law
The group supports a complete market structure bill that would specify when a token is a security rather than a commodity and explicitly split oversight between the SEC and CFTC.
The organizations contend that a federal framework is long overdue and claim that the current hodgepodge of enforcement actions and guidelines leaves developers and exchanges unsure of fundamental regulations.
They also highlight particular priorities. The letter backs the wording in the Blockchain Regulatory Certainty Act section of the larger package, which shields infrastructure providers and developers who do not hold user cash from being classified as money transmitters.
It also supports initiatives to make stablecoin awards more transparent and to guarantee uniform regulations throughout all 50 states, rather than state-by-state licensing disputes.
Why the Senate Timing Matters Now
The push comes as the current Congress nears its end, and Senate talks over the bill’s final text continue. Banking Committee Republicans have floated a “closing offer” on issues like stablecoin yield, and Chair Tim Scott has signaled he wants a markup once negotiators reach a deal.
However, no firm date is set, and reports say senators still disagree on how far to relax rules for trading platforms and reward programs. Some Democrats, including House Financial Services Ranking Member Maxine Waters, have labeled related efforts “risky crypto legislation” and urged regulators like the SEC to keep a tough stance, leaving the bill’s path uncertain even as industry pressure grows.
In their letter, the groups say clear market structure rules would keep crypto innovation and jobs in the United States instead of pushing founders overseas.
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