Coinbase’s lobbying arm and over 65 crypto advocacy groups are urging US House lawmakers to swiftly pass a landmark bill that would define how the crypto industry is regulated.
In a letter sent on Monday, Stand With Crypto, alongside firms like OpenSea and Dapper Labs, called on lawmakers to back the Digital Asset Market Clarity Act, also known as the CLARITY Act. The House is expected to consider the bill next week.
The group warned that US leadership in crypto is already slipping, adding that the absence of standardized rules
“hinders institutional adoption and innovation, pushing talent and businesses to more crypto-friendly jurisdictions abroad.”
“We know there have been efforts to politicize crypto legislation, but with crypto drastically reshaping the global economy, the US risks falling behind unless we adopt pro-crypto policies that fully embrace blockchain technology,”
the letter stated.
The CLARITY Act seeks to clarify the roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in overseeing crypto. It would place most of the industry under CFTC oversight, while the SEC would continue regulating crypto-related securities.
Republican House leaders announced on Thursday that the CLARITY Act will be considered during “Crypto Week,” starting July 14, along with two other bills: the GENIUS Act, which focuses on stablecoin regulation, and the Anti-CBDC Surveillance State Act, which seeks to ban central bank digital currencies.
The GENIUS Act has already passed the Senate, and President Donald Trump has called for its rapid passage before Congress leaves for recess in August. The CLARITY Act, meanwhile, was advanced by the House Financial Services and Agriculture Committees in June and could soon reach Trump’s desk if it passes both chambers.
However, Democratic opposition remains strong. House Financial Services Committee ranking member Maxine Waters criticized the CLARITY Act as a “rushed, overly complicated bill” that would exempt “some of the riskiest activities” in crypto. She also accused Republicans of trying to “legitimize Trump’s crypto con,” citing the former president’s growing personal ties to the industry.
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