Crypto Lobbyists Clash with Regional Banks over Clarity Act Vote

The U.S. Senate is set to hold a procedural vote on the Clarity Act on September 15, which has sparked intense lobbying from both the cryptocurrency industry and regional banks.

The bill aims to establish federal-level rules for digital assets and divide oversight authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

Crypto companies are pushing for regulatory clarity to continue operating in the United States, with Stand With Crypto claiming 3 million supporters who made almost 50,000 calls or sent emails to Congress during August alone.

Regional banks, however, argue that stablecoin reward provisions could pull deposits away from banks and weaken their ability to lend, with the Independent Community Bankers of America (ICBA) demanding a ban on interest-like rewards for stablecoins.