Crypto Lobbying Frenzy Heats Up as Clarity Act Vote Looms

The Clarity Act, a bill aimed at establishing federal rules for digital assets in the US, is facing a crucial vote in the Senate on September 15. Crypto advocates and community bankers are waging a lobbying war over key provisions of the bill, which could affect how stablecoins are used and regulated.

Stand With Crypto, a Coinbase-backed advocacy group with 3 million supporters, has been actively lobbying senators through meetings, local events, op-eds, calls, emails, and advertising. In August, members called or emailed Congress nearly 50,000 times in support of the bill. The Blockchain Association has also launched Clarity for America to help individuals and companies contact senators in favor of the bill.

The main point of contention is over stablecoin rewards, which community banks argue could draw deposits away from traditional banks. Crypto firms, on the other hand, believe that stablecoin rewards should remain available and that clearer federal rules are needed for the industry to operate in the US.