Clarity Act Lobbying Fight Heats Up Ahead of Senate Vote
The Clarity Act, which aims to establish federal rules for digital assets and divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, is set to face a key vote in the Senate on September 15.
In the lead-up to this vote, both crypto advocates and community bankers have been lobbying senators with meetings, local events, op-eds, calls, emails, and advertising.
Crypto groups, including Stand With Crypto, which claims 3 million supporters, reported that members called or emailed Congress nearly 50,000 times in August. The group has also organized events and placed pro-Clarity Act op-eds in local newspapers.
The Independent Community Bankers of America has been running television ads calling for changes to the bill, arguing that it could draw deposits away from traditional banks if stablecoin rewards are allowed.