DCG Urges Senate to Pass Clarity Act, Citing Competition From Singapore and UAE
Key Takeaways
- •Digital Currency Group said the Clarity Act’s current draft would give the crypto industry the certainty it needs to grow responsibly.
- •The company urged Congress to advance the bill before lawmakers leave for the August recess.
- •DCG warned that crypto talent, capital, and companies are increasingly moving toward countries such as Singapore and the United Arab Emirates.
- •Lawmakers have been working on the Clarity Act since last year, but the measure has stalled this year despite earlier Republican passage in 2025.
- •Some Democrats, including Senator Elizabeth Warren, have criticized the draft, while Fidelity, Goldman Sachs, and other supporters say the revised version is acceptable.
Crypto investment firm Digital Currency Group (DCG) has joined the list of major backers of the Clarity Act, urging lawmakers to advance the bill before Congress leaves for August recess.
In a statement posted Wednesday, the conglomerate said the current draft of the long-awaited measure “offers exactly the kind of certainty our industry needs to grow and thrive responsibly.”
“The bill is the product of serious negotiation and reflects genuine compromise from industry, advocates, and members on both sides of the aisle,” the statement read.
DCG also warned that the United States is falling behind in the race to attract crypto talent and capital. “The competitive stakes could not be higher. The United States has long been the global center of technological innovation, but we are ceding ground at an alarming pace,” the company said, adding that “talent, capital, and innovative companies” are increasingly looking to countries such as Singapore and the United Arab Emirates.
The comments land as lawmakers continue a year-long effort to settle a framework for the industry, with the bill’s backers arguing that clearer rules would reduce uncertainty for firms trying to build and operate in the U.S. DCG has more than 200 companies in its portfolio, including Grayscale, the manager of the Grayscale Bitcoin Trust.
Lawmakers have been working on the Clarity Act since last year. Republicans passed the bill in 2025, but it has stalled this year, in part after banking chiefs raised concerns over stablecoin yield. A new draft circulating last week would ban officials and their families from issuing or promoting crypto, an issue that opposition lawmakers had previously objected to.
Republican lawmakers are pressing Democrats to support the bill. Although bipartisan support exists, some Democrats — including Senator Elizabeth Warren — have criticized the draft, arguing it could allow President Donald Trump to profit from crypto and could benefit criminals.
A group of Democrats last week also issued a statement saying the bill, in its current form, falls short.
At the same time, major institutions including Fidelity and Goldman Sachs, along with crypto lobby groups and politicians, have said the revised bill works in its current form.
This post first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.