The Crypto Council for Innovation (CCI), Blockchain Association, and the Digital Chamber have sent a joint letter to Senate leadership expressing support for the latest draft of the Clarity Act, a comprehensive digital asset market structure bill currently under consideration in the U.S. Senate.

In the letter dated Friday, the three trade associations argued that passing the bill is necessary to establish the "first comprehensive federal consumer protection framework for digital asset markets" as cryptocurrency adoption continues to grow among Americans.

"Nearly 67 million Americans, about one in four, already own digital assets, and recent research demonstrates that this trend is only growing," the letter stated. "This is a crucial opportunity for the Senate to improve upon the status quo by establishing durable rules for digital assets that protect consumers, safeguard markets, and ensure that innovation can thrive in the United States."

JUST IN: The Digital Chamber, CCI, and Blockchain Association send letter to Senate Leaders urging them to pass the Clarity Act: "For the United States to maintain its position as the global leader of financial innovation, there is no substitute for the long-term certainty of…" pic.twitter.com/2JFqqgKfip

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U.S. lawmakers are currently reviewing the latest draft of the Clarity Act, which aims to establish a permanent regulatory framework for digital assets. The bill would clarify the division of authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission over digital asset markets — a jurisdictional boundary that has been the subject of enforcement actions and litigation for years. The newest version includes a provision banning public officials and their families from issuing or promoting cryptocurrencies — a measure that has been a point of contention for Democratic politicians who have argued that President Donald Trump's family has unfairly benefited from crypto ventures.

Legislative History and Industry Dynamics

Banking representatives, regulators, and crypto industry leaders have been convening at the White House to work on the Clarity Act since last year. The bill was passed by the House of Representatives but stalled after banking executives raised concerns over stablecoins and the potential yields they could offer customers.

In January, Coinbase, America's largest cryptocurrency exchange, withdrew its support for the bill following disagreements with banking industry leaders who argued that earning yield on stablecoins should be prohibited. U.S. banks have expressed concerns that they could lose depositors if crypto exchanges are permitted to offer more competitive products. The legislative deadlock has left the U.S. without a unified federal framework even as the European Union's Markets in Crypto-Assets (MiCA) regulation took full effect in 2024, providing European firms with a coordinated rulebook across EU member states.

Recent Developments

A revised version of the bill has been circulating this week and is expected to head to a floor vote. On Thursday, Goldman Sachs chairman and CEO David Solomon became one of the first major banking executives to publicly back the legislation, a notable shift given the banking industry opposition that had previously slowed the bill's progress in the Senate.

"These improvements reflect engagement with policymakers across both parties and demonstrate that a well-crafted market structure framework can promote innovation while also bolstering national security," the trade associations' letter added.

Source: Bitcoin Magazine