More than 120 crypto organizations including Coinbase, Ripple, Kraken, and Andreessen Horowitz sent a joint letter to the Senate Banking Committee on April 23 demanding an immediate CLARITY Act markup, as the bill’s end-of-May deadline tightens and prediction market odds fall below 50%.
The CLARITY Act faced the most coordinated industry pressure yet on April 23 when more than 120 organizations posted a joint letter via the Blockchain Association demanding the Senate Banking Committee schedule an immediate markup. As 247 Wall St. noted, Chairman Tim Scott has still not put the markup on the Banking Committee’s calendar, with the Kevin Warsh Fed chair confirmation process having consumed most of the committee’s April operational time.
CLARITY Act Industry Ultimatum Comes With a Hard Deadline Attached
As crypto.news reported, the letter was submitted by the Crypto Council for Innovation and the Blockchain Association and signed by Coinbase, Ripple, Kraken, Circle, Uniswap Labs, Andreessen Horowitz, Chainlink Labs, OKX, Paradigm, and Galaxy Digital, along with advocacy groups, state blockchain associations, and university chapters of Stand With Crypto. The letter addresses the six remaining issues the coalition wants resolved: a clear SEC and CFTC oversight boundary, protection for non-custodial software developers, stablecoin activity rewards permitted while passive yield is banned, simplified digital asset disclosure rules, prevention of a state-by-state regulatory patchwork, and a predictable federal baseline that keeps capital and innovation onshore. Senator Bernie Moreno has publicly warned that if the bill does not clear the Senate floor by the end of May, digital asset legislation may not advance before the midterm election cycle closes the window, possibly until 2030.
What the CLARITY Act Delay Has Already Cost
As crypto.news documented, every week of Banking Committee inaction shrinks the operational window to a point where 2026 passage becomes structurally implausible. Congress breaks for Memorial Day recess on May 21, leaving fewer than four working weeks in May after the Warsh confirmation hearing ends. The bill must still pass a Banking Committee markup, clear a 60-vote Senate floor threshold, be reconciled between the Banking and Agriculture Committee versions, reconciled with the House text from July 2025, and signed by the president. JPMorgan analysts described passage by midyear as a positive catalyst for digital assets. Standard Chartered set an $8 $XRP target contingent on the bill passing, with 247 Wall St. noting that most analysts forecast $XRP could hit between $5 and $10 by late 2026 if the CLARITY Act clears. Polymarket currently prices passage odds at approximately 46%, down sharply from 82% earlier in the year.
Novogratz Says It Gets Done in May
Galaxy Digital founder Mike Novogratz said in a podcast this week that he believes the CLARITY Act will reach committee in early May and could land on Trump’s desk by June. “So this is going to get done,” Novogratz said. “It probably gets done in May.” That reading is more optimistic than Polymarket’s current pricing and more optimistic than Galaxy Research’s own 50-50 odds assessment, but it reflects the underlying conviction held by most industry participants that the bill’s substance is settled and that the only remaining variable is whether the Senate Banking Committee can find time on its calendar. Tillis’s decision to drop his block on Warsh’s confirmation on April 27 removes the single biggest competing item from the Banking Committee’s schedule, potentially opening a direct path for a CLARITY Act markup in the first week of May.
The Senate Banking Committee has not announced a markup date as of publication, but Tillis’s block removal and the Warsh confirmation vote scheduled for Wednesday have cleared the committee’s most pressing competing obligation.
