A coalition of more than 100 cryptocurrency companies and industry organizations has called on the U.S. Senate to advance federal market structure legislation, citing concerns that regulatory uncertainty continues to drive blockchain talent and capital to more favorable jurisdictions.
The Crypto Council for Innovation and Blockchain Association submitted a joint letter to the Senate Banking Committee on April 23, urging lawmakers to schedule a markup of the Clarity Act. The proposed legislation would establish a comprehensive federal framework for digital assets, addressing jurisdictional ambiguities that have complicated hiring and business planning across the sector.
Industry Seeks End to Enforcement-First Approach
The letter, signed by major industry players including Coinbase, Ripple, Kraken, and Circle, emphasizes the need for clear jurisdictional boundaries between the SEC and CFTC. Without statutory guidance, companies have faced what the coalition describes as "regulation by enforcement"—a pattern of lawsuits and enforcement actions that has created operational uncertainty.
For web3 professionals, this regulatory ambiguity has translated into hesitation around U.S.-based opportunities. Companies report difficulty attracting top technical talent when business models remain subject to potential regulatory challenge. The coalition argues that agency litigation cannot substitute for the predictable framework necessary to support long-term career development and organizational growth.
The letter outlines several specific priorities beyond jurisdictional clarity, including protections for developers working on non-custodial technologies, preservation of stablecoin-based consumer rewards programs, and blockchain-tailored disclosure requirements. The coalition also advocates for federal preemption to prevent fragmented state-level regulation.
International Competition for Blockchain Expertise
Industry leaders point to the European Union's Markets in Crypto-Assets (MiCA) regulation as evidence that other jurisdictions are establishing clear frameworks while the U.S. remains in legislative limbo. This regulatory clarity abroad has implications for where blockchain companies choose to establish operations and where professionals decide to build their careers.
Treasury Secretary Scott Bessent reinforced these concerns during a recent Senate hearing, framing digital asset regulation as both an economic competitiveness and national security issue. He warned that unclear U.S. rules have already pushed innovation offshore.
Despite bipartisan groundwork and parallel efforts like the GENIUS Act on stablecoins, the Senate Banking Committee has not scheduled a markup. For blockchain professionals evaluating career opportunities, the legislative timeline remains uncertain, with competing bills still requiring reconciliation before any framework can advance.
