The Crypto Council for Innovation, the Digital Chamber and the Blockchain Association wrote to U.S. Senate leaders on Friday asking the chamber to prioritize “floor review” of the Digital Asset Market Clarity (CLARITY) Act.
In a letter Friday to Sen. Majority Leader John Thune and Minority Leader Chuck Schumer, the three cryptocurrency advocacy groups exhorted consideration of the CLARITY Act, which Republican lawmakers pushed to pass before the House recesses for state work periods in August. Although the bill has advanced through the Senate Banking and Agriculture committees, some lawmakers have said they plan to hold off on voting until key provisions are addressed.
“[We] “We recognize that constructive bipartisan negotiations remain ongoing to secure and expand support for this critical bill,” the letter said. “We appreciate these good faith efforts by senators on both sides of the aisle, and we encourage these discussions to continue.”
Source: Crypto Council for Innovation
The CLARITY Act, expected to be one of the most significant pieces of legislation impacting the crypto industry, needs 60 votes to pass in the Senate, where Republicans hold a 52-47 majority over Democrats. Republicans published the text of the Market Structure bill earlier this week, including ethics provisions that banned public officials from issuing or sponsoring cryptocurrencies, but many Democrats said the measures do not go far enough to prevent corruption.
Related: Goldman Sachs CEO backs ‘not perfect’ CLARITY Act as vote expected soon
“Whatever crap they threw at us, it wasn’t a serious effort,” said Sen. Ruben Gallego. said Thursday regarding ethical provisions, according to Politico.
Gallego added:
»[…] After all the work we did with our Republican colleagues, they would have taken months and months of work to interpret that one way or another, and turn around and think that what they were proposing was even remotely close.”
White House crypto advisor on Democratic opposition to CLARITY ethics rules. Source: Patrick Witt
Industry leaders weigh in on CLARITY ahead of potential floor vote
“The status quo in the United States is not working” said Brian Armstrong, CEO of Coinbase, in an article on Wednesday
Orest Gavryliak, legal director of the DeFi platform 1inch, radius about the bill on Cointelegraph’s Chain Reaction podcast Friday, saying CLARITY would help recognize a framework for non-custodial protocols rather than “enforce regulation.”
“Some regulators are trying to be friendly to non-custodial protocols or projects, they’re always trying to fit us into custody frameworks and make us use custody solutions to solve the problems that they used to have in this mainstream or traditional finance, which is wrong. [and] “That’s why it’s very important that CLARITY succeeds.”
If lawmakers fail to vote in favor of CLARITY before the Senate recess in August, it could push consideration into the weeks before the 2026 U.S. midterm elections, potentially complicating discussions. From Friday, Kalshi offered user event contracts with a 40.3% chance the bill will pass before the Senate recess in August.
Review: Here’s Why the CLARITY Act Ethics Agreement May Be So Difficult to Achieve
