Regulatory Clarity Sought in Cryptocurrency Industry as DCG and Community Bank Leaders Push for Stronger Laws

DCG has urged lawmakers to pass the Digital Asset Market Clarity Act (CLARITY Act) to keep talent, capital, and innovation in the United States. The company sent a letter to Senate Majority Leader John Thune and Minority Leader Charles Schumer on July 29, stating that the CLARITY Act delivers meaningful consumer protections, safeguards, and clear jurisdictional lines between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

New York Attorney General Letitia James testified before Congress on July 27 to implement stronger regulations to protect consumers from cryptocurrency-related scams. She highlighted that crypto fraud complaints have nearly tripled over the past three years, with $11.4 billion in losses in 2025, while TRM Labs estimated $158 billion in illicit cryptocurrency volume.

Community bank leaders from state bankers associations across the United States sent a letter to Senate Majority Leader John Thune and Minority Leader Charles Schumer on July 28, urging targeted amendments to Section 10404 of the CLARITY Act. The bankers support the state associations' proposed revisions to close potential loopholes that could let stablecoin issuers pay interest-like rewards through creatively structured incentives.