Three major crypto advocacy groups submitted a letter to Senate leaders on July 24 endorsing the latest draft of the Clarity Act, a federal digital asset market structure bill that has stalled in the upper chamber since passing the House.
The Crypto Council for Innovation, Blockchain Association, and Digital Chamber jointly signed the letter, citing support for what they described as improvements to consumer protection and market safeguards. “Nearly 67 million Americans, about one in four, already own digital assets, and recent research demonstrates that this trend is only growing,” the trade associations wrote.
The groups framed their endorsement as a response to ongoing legislative work. “This is a crucial opportunity for the Senate to improve upon the status quo by establishing durable rules for digital assets that protect consumers, safeguard markets, and ensure that innovation can thrive in the United States,” they stated in the letter.
Stablecoin Tensions Ease
The advocacy groups’ backing marks a shift after Coinbase, a major crypto exchange, withdrew support for the bill in January following disputes with banking chiefs over stablecoin yield restrictions. The latest draft now carries support from the three trade associations as well as David Solomon, chairman and CEO of Goldman Sachs, who recently announced his backing.
The Clarity Act aims to establish the first comprehensive federal consumer protection framework for digital asset markets. The bill has faced deadlock in the Senate despite House passage. One provision in the latest draft bans officials and their families from issuing or promoting crypto.
The trade associations highlighted alignment between industry and broader policy goals. “These improvements reflect engagement with policymakers across both parties and demonstrate that a well-crafted market structure framework can promote innovation while also bolstering national security,” they wrote.
The new draft is expected to head to a floor vote, though no timeline has been specified.
