Crypto Industry, Banks Make Final Push for CLARITY Act Ahead of September 15 Vote

The fate of the CLARITY Act, a crucial cryptocurrency legislation, hangs in the balance as a handful of undecided senators weigh their votes. The bill, which aims to define how digital tokens are regulated in the United States, has sparked an unprecedented grassroots campaign between the crypto industry and its banking-sector opponents.

Coinbase policy chief Faryar Shirzad told Scott Melker that the bill faces two possible outcomes: failing to reach the 60-vote cloture threshold or receiving a late bipartisan boost. Shirzad emphasized the importance of relationships cultivated by the crypto industry with lawmakers on both sides of the aisle.

The lobbying effort has extended beyond Washington, D.C., with Stand With Crypto, an advocacy organization backed by Coinbase, mobilizing its 3 million members to contact their representatives and place op-eds in local newspapers. The Blockchain Association launched a website allowing individuals and firms to send letters to senators with customizable tones.

The banking industry has countered with its own campaign, dispatching community bankers to meet with senators in their home offices and airing television advertisements. One ad warns that polls consistently rank crypto near the bottom of issues important to American voters.