Crypto Industry Makes Last-Ditch Effort for Clarity Act Passage Ahead of Key Vote

The crypto industry is launching a renewed push in support of the Clarity Act ahead of a key procedural vote in the Senate on September 15. The act aims to establish clear rules for the sector and divide oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The industry's campaign emphasizes consumer protection, endorsements from outside organizations, and criticizes the banking lobby for opposing certain sections of the bill. The Clarity Act includes provisions that would protect consumers when crypto companies fail, such as requiring intermediaries to segregate customer assets.

However, Republican senators are concerned about ethical concerns around President Trump's crypto interests, which could become a major obstacle for the bill. Some lawmakers believe the legislation will fail unless the White House compromises on certain provisions.