More than 200 cryptocurrency companies and industry groups, including Coinbase, Ripple, Kraken, Andreessen Horowitz (a16z), Circle and Binance.US, urged U.S. Senate leaders to hold a floor vote on the CLARITY Act.

CoinPost, a blockchain news outlet, reported on Monday that the groups on Sunday sent a joint letter to Senate Republican Leader John Thune and Democratic Leader Chuck Schumer urging action on the bill.

Stand with Crypto led the letter, which was drafted with the Blockchain Association, the Crypto Council for Innovation and the Digital Chamber. Stand with Crypto is calling for swift passage based on a network of about 3 million supporters across all 50 U.S. states.

The groups argued the CLARITY Act would create a comprehensive federal regulatory framework for cryptocurrencies, clarify the roles of regulators and provide a workable registration path. They also stressed the bill could keep innovation, jobs, investment and market activity in the United States and strengthen U.S. leadership in digital asset innovation.

The CLARITY Act passed the Senate Banking Committee on May 14 with bipartisan support, by 15 votes to 9. It still needs 60 votes on the Senate floor for final passage, and must then go through reconciliation with the House and a presidential signature.

The market is split on prospects for passage this year. JPMorgan analysts said in a recent report that the odds of the bill being enacted are shrinking as multiple obstacles overlap. After the summer recess, congressional debate time is expected to become tighter due to the November midterm election schedule, and another analysis put the remaining effective review period at about 9 weeks.

One of the key issues is whether interest can be paid on stablecoin holdings. The current bill language sets a principle banning passive yield on balances, while allowing rewards linked to payments, trading and loyalty programs. JPMorgan pointed out that the bill does not explicitly state a ban on paying interest on stablecoin balances, leaving room for interpretation.

JPMorgan CEO Jamie Dimon (제이미 다이먼) has also publicly opposed this. He said a backlash from the banking industry would be unavoidable if crypto platforms are allowed to offer interest-like products without being subject to bank-level regulation. TD Cowen analysts also said the political environment around the bill is deteriorating, and maintained a negative view on passage this year.

Calls for swift legislation are also growing. Senator Cynthia Lummis warned that if the bill does not pass this year, consideration would be delayed until 2030, and Treasury Secretary Scott Bessent has also requested legislation this summer.

White House crypto adviser Patrick Witt assessed the CLARITY Act as a "tougher regulation and law enforcement-driven bill" and stressed the need for early passage. That has put focus on whether a Senate floor vote will be scheduled and whether disputes over interpretation of language on stablecoin yield can be resolved before a vote.