Consumer Technology Association pushes Senate to pass CLARITY Act, citing regulatory certainty for digital assets. Opposition over ethics remains.
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The Consumer Technology Association, a trade group representing more than 1,300 companies, wants the Senate to move the CLARITY Act forward. The bill passed the House with broad bipartisan support in 2025 and now sits with the Senate.
Michael Petricone, CTA's senior vice president of government affairs, said on X on July 28 that the House completed its work and industry stakeholders support the legislation. The Senate now has to decide whether financial technology innovation develops in the United States or overseas, he said.
CTA argues that clear federal rules for digital assets would encourage investment, strengthen consumer protections, and reinforce American leadership in blockchain technology. The group sent a similar letter to the Senate on June 17.
Senator Cynthia Lummis (R-WY) released updated CLARITY Act text that combines work from the Senate Banking and Agriculture committees. The revisions address market oversight and how regulatory authority over digital assets is divided.
The bill still faces pushback. Senator Elizabeth Warren (D-MA), the Senate Banking Committee's ranking member, said the revised language leaves major conflicts of interest unresolved. Ethics and enforcement remain sticking points.
Supporters see the measure as a durable framework for investment and competition. Critics want stronger safeguards before Congress sets new rules for the crypto market.
SEC Chair Paul Atkins has backed congressional action, arguing that legislation would provide more durable rules than regulation led primarily by federal agencies.
Former House Financial Services Committee Chairman Patrick McHenry has described passage as a question of when, not if.
Advocacy groups have pledged to score senators' CLARITY Act votes, increasing political pressure ahead of the November midterm elections.
Banks are focused on a narrower dispute involving stablecoin rewards. More than 130 banking leaders urged lawmakers to prevent payment stablecoins from functioning like interest-bearing accounts. They warned that deposit losses could affect funding for mortgages, farms, small businesses and local communities.
BlackRock, the world's largest asset manager, backed the CLARITY Act as the Senate races against its legislative calendar.
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