Crypto Industry Urges US Senate to Pass CLARITY Act Amid Regulatory Uncertainty

A coalition of over 200 crypto companies has called on the US Senate to pass the CLARITY Act, stressing that delays could cause the measure to miss its legislative window.

The act aims to establish a regulatory framework for crypto in the United States, clarifying how the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) oversee digital assets. This would provide much-needed clarity for market participants and help maintain the competitiveness of the US as a global leader in digital-asset innovation.

The coalition's efforts follow months of negotiations, which have been hampered by disagreements over two contentious policy levers: banning platforms from offering stablecoin yields and extending protections for developers of non-custodial, decentralized crypto platforms. These issues remain unresolved, and analysts have downgraded the odds of passage due to time-sensitive negotiations and competing priorities.

The CLARITY Act has enjoyed bipartisan attention in the Senate, particularly after a recent vote by the Banking Committee. However, lawmakers have yet to schedule floor time for the measure ahead of the November midterm elections. If passed, the act would set out the regulatory framework for crypto in the United States, providing clear jurisdictional boundaries and reducing regulatory uncertainty.