Top crypto advocacy groups, the Crypto Council for Innovation, the Blockchain Association and the Digital Chamber, have said in a letter that they support the latest draft of the Clarity Act.
In a letter Friday, the industry associations said passing the bill is necessary to establish the “first comprehensive federal consumer protection framework for digital asset markets” as more Americans begin using and investing in crypto.
US lawmakers are currently considering the latest draft of the Clarity Act – a crypto market structure bill aimed at putting a damper on the regulation of digital assets. The latest draft bans government officials and their families from issuing or promoting crypto.
“Nearly 67 million Americans, about one in four, already own digital assets, and recent research shows this trend is only growing,” the letter said.
“This is a crucial opportunity for the Senate to improve the status quo by establishing durable rules for digital assets that protect consumers, protect markets, and ensure that innovation can thrive in the United States,” it added.
Bank representatives, regulators and crypto industry leaders have been meeting at the White House to work on the Clarity Act since last year.
The bill passed the House of Representatives but has been deadlocked after bank executives raised concerns about stablecoins and the dividends they would potentially pay customers.
America’s largest crypto exchange, Coinbase, pulled support for the bill in January after clashing with bank executives who said it should be banned from earning returns on stablecoins.
US banks have said they may lose customers if crypto exchanges offer more attractive products to their depositor base.
Latest clarity bill
A new bill has circulated this week, and it is expected that it will go to the floor for a vote.
On Thursday, Goldman Sachs Chairman and CEO David Solomon became one of the first major bankers to throw his support behind the bill.
The latest draft bans government officials and their families from issuing or promoting crypto — a sore spot for Democratic politicians who have argued that President Donald Trump’s family has unfairly benefited from crypto ventures.
“These improvements reflect engagement with policymakers across both parties and demonstrate that a well-designed market structure framework can foster innovation while strengthening national security,” the letter from the industry associations added.