More than 200 cryptocurrency companies and organizations have urged the U.S. Senate to pass the CLARITY Act amid concerns that further delay could cause it to miss an significant legislative window.

In Monday’s letter common by the crypto lobbying group Stand With Crypto, the group called on Senate Majority Leader John Thune and Minority Leader Chuck Schumer “to immediately bring the Transparency Act to the Senate floor.”

It said the Senate Banking Committee’s vote last month in favor of the bill required “months of serious, bipartisan work” and the Senate should “take advantage of this momentum and give members the opportunity to develop legislation for a sustainable market structure.”

The bill would outline how the Securities and Exchange Commission and the Commodity Futures Trading Commission would regulate cryptocurrencies, but it has repeatedly stalled in the Senate this year as lawmakers and lobbyists disagreed on its provisions.

Source: Stand With Crypto

Banking groups pushed for the bill to include a ban on platforms offering stablecoin yields, while the cryptocurrency industry lobbied to include protections for developers of decentralized cryptocurrency platforms, resulting in months of negotiations between the groups.

The letter, signed by lobbying groups Stand With Crypto, The Digital Chamber, the Blockchain Association and the Crypto Council for Innovation, said the bill would maintain U.S. jobs, investment and market activity in the cryptocurrency industry and make the country “a global leader in digital asset innovation.”

“Digital asset markets are global, evolving and critical to the future of financial infrastructure,” the letter says. “The question before Congress is whether that future will be built in the United States – under American law, American oversight and American values ​​– or whether it will continue to be relegated to offshore jurisdictions with less transparency, weaker consumer protections and limited liability.”

Related: The Crypto CLARITY Act faces a partisan ethics fight in the Senate

The Senate has not yet set a deadline to pass the bill before the midterm elections in November, causing analysts to reduce their chances of the bill passing this year.

Galaxy Digital said Friday it had lowered the bill’s chances of passing in 2026 from 75% to 60%, saying it must pass the Senate before the August recess at the end of July because “after that the window will effectively close.”

The Senate Agriculture and Banking Committee has passed its versions of bills relating to commodities and securities, and each of them requires review before being submitted for debate in the Senate.

Lawmakers also indicated that the bill requires amendments on ethics and combating illicit finance if it is to gain the support of at least 60 votes required to pass the bill without prolonged debate.

Sen. Cynthia Lummis, who worked on the bill, told CNBC on Wednesday that lawmakers are dealing with issues of ethics and illegal funding that could cause the bill to lose support on the ballot.

Galaxy said it had not received information indicating that the bill or negotiations around it were advanced or that the disputed provisions had been resolved.

Warehouse: Will the CLARITY Act be good – or bad – for DeFi?