Crypto, Banks Take Clarity Act Lobbying Fight to Senators' Home States
Crypto advocates and community bankers are lobbying senators in home states ahead of a Sept. 15 procedural vote on the Clarity Act, which would set federal digital-asset rules and split oversight between the SEC and CFTC. Crypto groups, including Coinbase-backed Stand With Crypto and the Blockchain Association, have used calls, emails, events, ads, and local op-eds to push support, while community banks are meeting lawmakers and running ads against parts of the bill. The main fight is over stablecoin rewards: banks say they could pull deposits from traditional lenders, while crypto firms say rewards should stay available and the industry needs clearer rules. The bill also faces concerns over anti-money-laundering safeguards and ethics limits on officials’ crypto holdings.
