Crypto Lobby Launches Last-Minute Ad Campaign as CLARITY Act Falters

The crypto industry is launching a last-minute TV campaign to save the CLARITY Act from potential defeat in the Senate. The measure, which would establish federal rules for digital-asset markets and divide oversight between the SEC and CFTC, faces opposition from banks and a divided Congress.

A seven-figure national advertising campaign will target lawmakers and emphasize consumer protection, endorsements from outside the crypto industry, and attacks on banks that have resisted parts of the legislation. The campaign comes as negotiations struggle to produce a breakthrough, with senators signaling that the votes may not be there.

The bank-focused advertisement accuses the industry of enjoying a profit “feeding frenzy” while trying to block competition, accompanied by images of pigs eating from troughs. Banks 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.