Crypto Industry Lobby Urges Swift Passage of CLARITY Act by U.S. Congress
Washington, D.C. — In a coordinated push to shape the future of cryptocurrency regulation in the United States, a coalition of 65 crypto organizations, led by Coinbase’s lobbying arm Stand With Crypto, has urged the U.S. House of Representatives to swiftly pass the Digital Asset Market Clarity Act—widely known as the CLARITY Act—during the upcoming congressional session.
The appeal comes in a letter sent on Monday, expressing concern that the U.S. risks falling behind in the rapidly evolving global crypto economy unless it adopts clear, pro-crypto policies that embrace blockchain technology. The coalition includes prominent industry players such as OpenSea, Dapper Labs, and other key advocates deeply involved in non-fungible tokens (NFTs) and decentralized finance.
Defining Regulatory Roles: CFTC and SEC
The CLARITY Act aims to assign regulatory oversight in a way that balances market innovation with investor protection. Specifically, the bill proposes to designate the Commodity Futures Trading Commission (CFTC) as the primary regulator for most cryptocurrency activities, while reserving the Securities and Exchange Commission’s (SEC) authority for crypto products that qualify as securities.
This approach is intended to resolve long-standing jurisdictional uncertainties that have hindered institutional adoption and slowed innovation in the U.S. crypto market. The coalition’s letter warns that the absence of standardized rules has already led to a talent and business exodus, with companies relocating to more crypto-friendly jurisdictions abroad.
"We cannot afford to let inaction and uncertainty jeopardize our ability to secure America’s economic future," the letter states. "Above all else, the U.S. crypto industry needs market structure — which ensures there are clear rules of the road and provides the regulatory clarity that developers, users, and advocates need to continue innovating."
“Crypto Week” and Legislative Outlook
Republican leaders in the House have designated the week beginning July 14 as "Crypto Week," during which they plan to consider the CLARITY Act alongside two other key cryptocurrency bills—the Anti-CBDC Surveillance State Act, which seeks to ban a central bank digital currency (CBDC), and the GENIUS Act, focused on stablecoin regulation.
The GENIUS Act is poised for priority consideration, having already passed the Senate. Former President Donald Trump publicly voiced support last month for its timely passage before Congress’s August recess.
Meanwhile, the CLARITY Act has cleared initial hurdles, having been advanced by the House Financial Services Committee and the Agriculture Committee earlier this month. However, the bill still requires Senate approval. Senate Banking Committee Chair Tim Scott has expressed his intent to pass a crypto market structure bill by the end of September.
Partisan Challenges and Controversies
Despite bipartisan rhetoric around the need for regulation, the path ahead is complicated by partisan divisions. Senate Democrats previously delayed Republican efforts to fast-track the GENIUS Act, citing concerns over former President Trump’s deepening involvement in the crypto sector.
House Democrats have also raised alarms regarding the CLARITY Act. Representative Maxine Waters, a senior Democrat on the House Financial Services Committee, criticized the bill during a June hearing as "rushed" and "overly complicated," claiming it would exempt some of the riskiest crypto activities from necessary oversight.
Waters also voiced concerns about the Trump family’s expanding crypto empire, which reportedly has increased the family’s net worth by over $620 million and includes ventures such as a crypto trading platform, stablecoin projects, crypto mining operations, NFTs, and multiple tokens. She denounced the CLARITY Act as an effort to legitimize what she called “Trump’s crypto con.”
Industry Perspective and the Need for Clarity
The coalition backing the CLARITY Act underscores the urgency for clear regulatory frameworks to ensure the United States remains competitive in the global crypto market. Industry advocates argue that without such clarity, innovation will continue to be stifled, and the U.S. will lose its leadership role to friendlier regulatory environments elsewhere.
As cryptocurrency’s role in the financial system grows, the outcome of the CLARITY Act and accompanying legislation will be pivotal in shaping the regulatory landscape—potentially setting precedents for how emerging digital assets are integrated into mainstream markets.
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