Crypto Industry Unites Behind CLARITY Act Compromise Pushing for Senate Markup

A recent development in US crypto policy has brought together over 100 industry firms in support of the CLARITY Act compromise. This move, led by the Blockchain Association and the Crypto Council for Innovation, aims to establish clearer rules for classifying digital assets as securities or commodities.

The coalition sent a letter to the Senate Banking Committee urging them to schedule a formal markup, which would be the next key test for the legislation. A markup is the formal session where senators propose amendments, debate specific provisions, and vote on whether to send a bill to the full Senate floor.

Without a markup, the CLARITY Act cannot advance beyond the committee stage, regardless of industry support. The Senate Banking Committee holds jurisdiction over securities regulation and financial market oversight, making their approval crucial for any legislation that redefines the boundary between SEC and CFTC authority over digital assets.