Major Cities Chiefs Association Backs Clarity Act Amid Rush to Pass Bill

The Major Cities Chiefs Association has endorsed the bipartisan Clarity Act, adding pressure on lawmakers to pass the bill before Congress's August recess. The nonprofit organization, composed of police chiefs from major U.S. cities, supports the bill for addressing financial crime.

Lawmakers are racing against time to get the Clarity Act passed before the recess. The bill has been in a deadlock since last year, with concerns raised by the banking lobby and lawmakers over stablecoin yield and ethics. An updated bill was introduced last week that addressed some of these issues, including banning government officials and their families from issuing or promoting crypto.

Major financial institutions and companies have expressed support for the latest draft of the bill, but a group of Democrats has criticized it in its current form. The Clarity Act aims to create a regulatory framework for the cryptocurrency market in the U.S.