Crypto Industry Launches Last-Minute Campaign to Save CLARITY Act from Senate Vote Fate
The crypto industry is launching a last-minute seven-figure advertising campaign to push through the CLARITY Act in the Senate, which is scheduled to vote on September 15. The bill would establish federal rules for digital-asset markets and divide oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). However, with only a week remaining before the vote, senators involved in the negotiations are signaling that the votes may not be there.
The Cedar Innovation Foundation, linked to the Fairshake super PAC network, is behind the ad campaign. The ads aim to build support for the bill by emphasizing consumer protection and endorsements from outside the crypto industry. One of the ads attacks banks that have resisted parts of the legislation, accusing them of enjoying a 'profit feeding frenzy' while trying to block competition.
The CLARITY Act's prospects have deteriorated due to disagreements over ethics restrictions governing President Donald Trump and his family's crypto interests. Republican Sens. Mike Rounds and Thom Tillis described the outlook as bleak, while the White House disputes that characterization. The bill also faces a more basic political problem: many senators are unaware of the legislation and its potential impact on their constituents.