CLARITY Act Reaches One Million Contacts Ahead of Senate Recess

With only seven days left before the August recess, the CLARITY Act has reached a milestone of one million contacts from supporters to lawmakers. The nonprofit advocacy organization Stand With Crypto is behind this campaign, urging Senate passage of the bill. According to Stand With Crypto, advocates have contacted lawmakers 1,000,000 times for the CLARITY Act, telling their Senators to pass clear rules for digital assets.

The CLARITY Act has been met with both support and criticism from various officials. While some see it as a framework that divides regulatory authority between federal agencies, others argue its current language could restrict state investigations and leave important ethics concerns unresolved. New York Attorney General Letitia James urged Congress to require stronger cryptocurrency oversight, citing nearly $500 million in cryptocurrency scam losses during five years.

Senate Banking Committee Republicans maintain that the proposal preserves federal anti-fraud authority and expands suspicious-transaction controls. However, a July 30 analysis by Senate Banking Committee minority staff concluded that the revised language would leave President Donald Trump's existing cryptocurrency ventures unaffected, intensifying Democratic demands for broader safeguards governing elected officials.