Grassroots Campaign Steps Up Pressure on Lawmakers

Stand With Crypto, a U.S. digital asset advocacy group reporting roughly 3 million registered supporters, said advocates have contacted Congress nearly 1 million times as it ramps up its push for passage of the CLARITY Act.

The organization is emphasizing the volume of outreach to demonstrate continued public involvement in digital asset policy at a time when the legislative calendar is shrinking. According to its 2025 report, advocates sent more than 925,000 emails to members of Congress that year, bringing the total to over 1.1 million since the group was founded.

The CLARITY Act would establish a federal regulatory framework for digital assets and define whether the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) has jurisdiction over a given cryptocurrency or market intermediary. Its provisions could shape exchange registration requirements, asset listing rules, customer disclosure obligations, and enforcement actions tied to fraud or manipulation. The bill addresses a gap that has persisted for years: U.S. crypto firms have operated without a tailored federal market-structure regime, relying on overlapping securities and commodities laws while the SEC pursued enforcement-based regulation against major platforms.

Major Financial Institutions and Law Enforcement Group Add Backing

This week, the CLARITY Act picked up endorsements from major financial institutions and the country's largest police organization, expanding the coalition pressing senators to move the bill forward.

Fidelity, which reported $7.1 trillion in managed assets and $18 trillion in assets under administration for 2025, urged senators to approve the legislation. The firm argued that uniform national rules would bolster investor confidence and provide businesses with greater regulatory certainty. Goldman Sachs CEO David Solomon also expressed support for advancing the bill, adding another high-profile Wall Street voice to the effort. The endorsements from firms of that scale reflect growing institutional interest in digital asset markets, where major financial players have been building custody, trading, and tokenization infrastructure but cite regulatory ambiguity as a constraint on broader deployment.

The Fraternal Order of Police (FOP), representing 382,000 active and retired officers, endorsed the revised version of the bill after amendments maintained protections for criminal investigations, suspicious-transaction holds, and digital asset seizures.

House Majority Whip Tom Emmer called the endorsement "big news," stating that FOP (@GLFOP) support would help keep the United States at the forefront of the global digital asset industry. He added that congressional Republicans and the White House continue to be committed to collaborating with law enforcement partners and called on senators to pass the bill.

Senate Timing Remains in Doubt

No Senate floor vote has been scheduled, and supporters are pressing lawmakers to act before the August recess. Grayscale research chief Zach Pandl cautioned that the legislation could be overshadowed by midterm election politics if it fails to clear the Senate within the next two weeks.

Senator Cynthia Lummis (R-WY) released updated bill text on July 22 that merges work from the Senate Banking and Agriculture committees. The proposal would split oversight between the SEC and CFTC while establishing registration, disclosure, and customer-asset requirements for digital asset firms. The Senate Banking Committee had previously advanced the legislation in a bipartisan 15-9 vote.

However, seven Senate Democrats stated that the latest draft still does not adequately address concerns around ethics, consumer protection, illicit finance, conflicts of interest, and market integrity. Their objections focus in part on rules covering digital asset activity by elected officials and their family members.

The revised bill would bar federal officials and their spouses from issuing or sponsoring digital assets for compensation, mandate divestment or the use of blind trusts in certain situations, and penalize intermediaries that knowingly list prohibited tokens. Negotiators are expected to keep talking, but the unresolved disagreements leave the timing of any Senate action unclear. If the bill does not reach the Senate floor before the recess, it would face an increasingly compressed window in the fall, when attention typically shifts toward campaign season and spending deadlines.