U.S. crypto industry groups have stepped up pressure on the Senate to clarify regulation, urging it to take up and advance a market structure bill.

On April 23 local time, more than 120 industry groups sent a joint letter to the Senate Banking Committee calling for swift legislation on a digital asset market structure bill, blockchain outlet Cryptopolitan reported. The coordinated action was led by the Blockchain Association and the Crypto Council for Innovation, and the key demands included the Clarity Act.

The letter was delivered to key senators including Tim Scott, Elizabeth Warren and Cynthia Lummis. The industry described the moment as a "critical turning point" for digital asset policy and said bipartisan discussions should lead to enacted legislation. It also said the longer regulation is delayed, the more the United States could fall behind in global competition.

A central issue is clarifying regulatory jurisdiction. The industry says the roles of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission remain unclear. While the two agencies have recently presented some standards, the industry says administrative actions have limits and that clear statutory rules are needed to reduce uncertainty for companies, developers and trading platforms.

Industry figures also stressed the need for legislation. Ji Kim (지 킴), chief executive of the Crypto Council for Innovation, said U.S. leadership matters in competition over global standards and added, "Now is the time to act." Lindsey Fraser (린지 프레이저), chief policy officer at the Blockchain Association, also said the goal is to build a sustainable bipartisan framework and stressed the need for a system that carries through to congressional legislation and a presidential signature.

Market participants say regulatory gaps are worsening the business environment. Markus Levin (마르쿠스 레빈), co-founder of XYO, said market structure legislation is already overdue and that clear standards are needed so developers can focus on building real services.

The proposal includes measures beyond jurisdiction, including protecting stablecoin reward systems, preventing excessive regulation of developers of decentralised systems and creating federal standards that consolidate state-by-state rules. It particularly stressed the need to reduce the burden on companies of having to comply separately with different regulations in each state.

Tax issues were also raised. Kraken said that, as of 2025, the number of 1099-DA tax forms filed exceeded 56 million, many of them for small transactions. Transactions under $1 accounted for about 33 percent, while those under $50 made up 74 percent. The industry also called for changes to a system in which crypto is classified as an asset, making staking rewards and small payments subject to taxation.

The industry’s demand is focused not on simple deregulation but on setting standards through legislation. Whether the Senate Banking Committee will move to review the bill, and whether the Clarity Act can secure bipartisan agreement, are expected to be key turning points for future U.S. digital asset policy.