Crypto Lobby Launches $1m Ad Blitz as CLARITY Act Odds Collapse
The crypto industry is launching a last-ditch effort to save the CLARITY Act ahead of a crucial Senate vote next week. A seven-figure national advertising campaign will aim to rescue the bill, which 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).
The Senate is scheduled to vote on September 15 on whether to invoke cloture on a motion to proceed to the Digital Asset Market Clarity Act, a procedural hurdle requiring 60 votes. Despite the efforts of crypto companies and their supporters, senators involved in negotiations are reportedly signaling that the votes may not be there.
The Cedar Innovation Foundation, a nonprofit linked to the Fairshake super PAC network, is launching the advertising campaign across three spots. Two ads emphasize consumer protection and endorsements from outside the crypto industry, while a third attacks banks that have resisted parts of the legislation.