Crypto Industry Launches Final Push for CLARITY Act Passage

The cryptocurrency industry has launched a final push to pass the Digital Asset Market Clarity Act before the Senate recesses in August. In a joint letter, the CEOs of three major trade groups urged Senate leaders to bring the bill to the floor without delay.

The updated draft of the bill has strengthened tools to combat illicit finance and established a federal consumer protection framework for digital asset markets. However, the bill still falls short of the 60-vote threshold needed to pass.

Seven Democratic senators have expressed concerns about the bill's ethics, illicit finance, and consumer protection provisions. Bipartisan negotiations will continue through the weekend in an effort to secure the necessary votes.