The crypto industry is stepping up its lobbying campaign for the CLARITY Act, using a recent surge in Senate interest as leverage — just as traditional banks ramp up their own efforts to kill the bill. The coordinated push, involving multiple trade groups and major firms, aims to turn early legislative momentum into a floor vote before year's end.
Senate momentum picks up
The CLARITY Act has gained new cosponsors and moved closer to a committee markup this spring, according to supporters in the industry. The bill would establish a clear federal framework for digital assets, a longtime goal for crypto companies. Industry lobbyists are now working to keep that momentum alive, scheduling meetings with key senators and highlighting the bill's bipartisan backing.
Banking sector pushes back
Traditional banks aren't sitting still. They've intensified their opposition in recent weeks, warning that the legislation would weaken oversight and create an uneven playing field. Lobbying disclosures show spending on the issue has climbed this quarter. One major trade group representing large banks has urged senators to withhold support, arguing the bill lets nonbanks sidestep consumer protections.
What the bill aims to fix
The CLARITY Act would split oversight of digital assets between the SEC and the CFTC, defining which tokens are securities and which are commodities. Crypto firms say current regulatory confusion chokes off innovation and drives projects offshore. Banks counter that the bill would let unregulated entities offer similar services without the same safeguards.
What happens next
Both sides are now focused on the Senate Banking Committee, where a vote could land this summer. Industry groups are running digital ads and flying members to Washington for direct pitches. Bank lobbyists are doing the same, working Washington dinners and targeted calls. It'll come down to a handful of undecided senators the industry and the banks are both chasing.
