Three of the biggest crypto advocacy groups — the Crypto Council for Innovation, the Blockchain Association, and the Digital Chamber — sent a joint letter to Senate leaders this week, pushing them to back the Clarity Act. The bill, which would create the first comprehensive federal consumer protection framework for digital asset markets, has been stuck in the Senate after clearing the House. The groups argue that nearly 67 million Americans — about one in four — already own digital assets and deserve clear rules.
What the letter says
The letter calls the Clarity Act a bipartisan effort that can “promote innovation while bolstering national security.” It notes that the latest draft bans federal officials and their families from issuing or promoting crypto — a provision aimed at preventing conflicts of interest. The groups say the bill reflects months of engagement with policymakers on both sides of the aisle.
Why the bill stalled
The Clarity Act passed the House but hit a wall in the Senate after banking chiefs raised concerns about stablecoins and the yield those stablecoins could pay customers. Coinbase, which had initially supported the bill, pulled its backing in January after clashing with the same banking voices who argued that earning yield on stablecoins should be banned. That left the bill in limbo — until this week.
Goldman Sachs chairman and CEO David Solomon became one of the first major bank executives to publicly support the legislation, a shift that could signal broader financial-sector buy-in.
A new version heads to the floor
A revised version of the Clarity Act is now circulating on Capitol Hill and is expected to head to a floor vote. The advocacy groups’ letter frames the updated bill as a compromise that addresses earlier objections while keeping the core consumer protections intact. Whether the Senate can break the deadlock this time — and whether Coinbase or other crypto firms will re-engage — remains the open question as the vote approaches.
