Crypto Groups Push Senate Leaders to Pass Clarity Act Amid Growing Adoption

The Crypto Council for Innovation, Blockchain Association, and Digital Chamber have written to Senate leaders urging them to support the Clarity Act. The bill aims to establish a comprehensive federal consumer protection framework for digital asset markets.

Nearly 67 million Americans own digital assets, which is about one in four of the population. The trend is growing, with recent research showing an increase in crypto adoption. The trade associations believe that passing the Clarity Act is necessary to protect consumers and promote innovation in the US.

The bill has been met with some resistance from banking chiefs, who have raised concerns over stablecoins and their potential yield. However, Goldman Sachs chairman David Solomon has thrown his support behind the bill. The latest draft bans officials and their families from issuing or promoting crypto.