Crypto Groups Urge Senate to Advance CLARITY Act Before Recess

The Crypto Council for Innovation and the Blockchain Association, together with the Digital Chamber, wrote that the legislation would give law enforcement expanded tools to counter illicit activities. The letter asked leadership to "prioritize floor consideration so this bipartisan legislative process may move forward" and deliver the regulatory certainty markets have awaited.

The CLARITY Act has drawn opposition from two camps: traditional finance players who see the bill as competition and lawmakers who view crypto as a threat. Supporters argue it would create clear jurisdictional lines between agencies like the SEC and CFTC, removing the ambiguity that has left many token projects uncertain about which rules apply. Goldman CEO backs CLARITY Act as banks fight stablecoin rewards.

Insiders following the negotiations said the bill must reach the Senate floor before the August recess or it will fail to become law. No vote has been scheduled.