Washington faces heat from 120+ Crypto groups over market bill

More than 120 crypto industry groups, led by the Blockchain Association and Crypto Council for Innovation, urged the US Senate Banking Committee on April 23, 2026 to advance the CLARITY Act and related market-structure legislation to define SEC vs CFTC roles, protect developers, and create a consistent federal baseline. The coalition warned regulatory uncertainty and tax treatment (e.g., Kraken’s 56M+ 2025 1099-DAs) are major growth barriers. Markets showed short-term weakness amid geopolitical tensions — total crypto market cap fell about 2% to roughly $2.6 trillion; BTC traded near $78,372 and ETH was down ~3% at $2,332 — but industry advocates argue clarity would bolster US leadership and investment in digital-asset innovation.