Senate Vote on CLARITY Act Sparks Crypto vs Banks Lobbying Battle
The U.S. Senate is set to hold a procedural vote on September 15th on the CLARITY Act, a market-structure bill for digital assets that has sparked intense lobbying from both the crypto industry and banks.
The bill aims to clarify how digital tokens are classified as securities or commodities, and define regulators' jurisdiction. However, its passage is uncertain due to opposition from Democrats and some Republicans who argue it lacks sufficient safeguards.
The Trump administration has expressed strong support for the measure, which has been endorsed by 3 million supporters of Stand With Crypto, a Coinbase-backed advocacy group that has launched a campaign website urging lawmakers to back the bill.
The crypto industry is pushing for passage now because of concerns that if Democrats retake the House majority in November's midterm election, the bill could become even more difficult to pass. The industry has already spent at least $190 million targeting the election.