Crypto Industry Launches $1 Million Ad Campaign to Save Clarity Act

The crypto industry is launching a seven-figure national advertising campaign to salvage the Digital Asset Market Clarity Act, a bill that aims to establish federal rules for digital-asset markets. The Senate is scheduled to vote on September 15th on whether to invoke cloture on a motion to proceed with the legislation.

The Cedar Innovation Foundation, linked to the Fairshake super PAC network, is behind the campaign, which will run across three spots. Two ads emphasize consumer protection and endorsements from outside the crypto industry, while the third attacks banks that have resisted parts of the bill. The bank-focused advertisement accuses the industry of enjoying a profit “feeding frenzy” while trying to block competition.

Banks, particularly smaller lenders, have spent months pushing lawmakers to tighten provisions governing stablecoin rewards, arguing that crypto platforms could use yield-like incentives to pull deposits away from the banking system. This has complicated negotiations, even as crypto companies have pressed Congress to complete legislation debated for years.