Washington faces heat from 120+ Crypto groups over market bill

Washington is facing pressure from a broad coalition of crypto industry players over the market structure bill. More than 120 organizations moved ahead to formally urge the US Senate Banking Committee to push the bills. It specifically includes the long-awaited CLARITY Act. However, the group is led by the Blockchain Association and Crypto Council for Innovation.

A joint letter addressed lawmakers Tim Scott, Elizabeth Warren, Chairwoman Lummis and others. The group sees the moments as a “critical moment” for digital asset policy after years of bipartisan groundwork. The message is clear: they need to act now or risk falling behind.

SEC and CFTC efforts are not enough

The coalition mentioned that agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have recently taken steps to clarify how crypto is treated. However, those efforts are not enough on their own.

Ji Kim, CEO at Crypto Council, in a post stated that the US needs clear rules for digital asset markets. This is a global race to the top, and US leadership is critical. He added that a markup brings us closer to setting the global standard. The time is now.

Lindsay Fraser, CPO of Blockchain Association, told Cryptopolitan that the objective is straightforward. They want to advance a durable bipartisan framework through Congress and to the President’s desk. This will ensure that the US remains the best place in the world for digital asset innovation.

1/ Today, @BlockchainAssn and @crypto_council, joined by a broad coalition of more than 120 organizations from across the digital asset ecosystem, urged the Senate Banking Committee to move forward with a markup on market structure legislation.

Years of bipartisan work have… pic.twitter.com/JM9kWsubqC

— Blockchain Association (@BlockchainAssn) April 23, 2026

Markus Levin, Co-Founder of XYO, stated that the market structure legislation is long overdue at this point. The continued delays around the draft bill are creating a lot of uncertainty. He added that timely legislation would provide a baseline. This will allow builders to focus on developing real-world use cases 

The proposal centers around establishing clear jurisdictional boundaries between the SEC and CFTC. They also flagged several points that lawmakers should consider as the bill moves forward. This includes protecting consumer-facing features like stablecoin rewards. They want to ensure developers of decentralized systems are not unintentionally targeted by regulation. However, it also mentioned creating a consistent federal baseline so companies don’t have to navigate 50 different state-level regimes.

Unclear rules and Tax burden

The letter points out the growing concern within the industry that regulatory uncertainty is becoming the biggest barrier to growth. The group framed the CLARITY Act as a way to lock in US leadership in financial innovation.

“Our nation has long been the global leader in financial markets due to its commitment to clear rules, strong institutions, and openness to innovation,” the letter states. “With thoughtful market structure legislation, Congress has the opportunity to extend that leadership.”

This comes into play when crypto exchanges are voicing their views on tax policies. Cryptopolitan reported that Kraken filed 56M+ tax forms (1099-DAs) for 2025. However, most of the transactions were small. 18.5 million of them were under $1. Current rules treat crypto as property. This means that every small action (such as staking rewards or payments) is taxable.

Kraken noted that roughly 33% of these forms were for transactions worth less than $1. However, 74% were for amounts under $50.

The global crypto market printed red indexes on Thursday evening as the US-Iran situation intensified again. The cumulative crypto market cap dipped by almost 2% over the last 24 hours to hover around $2.6 trillion. Its 24-hour trading volume stood at $141 billion.

Bitcoin price saw a marginal drop over the last 24 hours. BTC is trading at $78,372 at the press time. However, the Ether price slumped by 3% in the same period. ETH is trading around $2,332 at press time. It looks like TRON is managing to stand against the tide. TRX price is up by 7% over the past 30 days.

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