The U.S. Senate is set to hold a procedural vote on the Clarity Act on Sept. 15, putting a key digital asset bill closer to formal consideration. The proposal would create a federal framework for regulating digital assets and split oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Lobbying around the bill has intensified on both sides. Stand With Crypto, a Coinbase-backed industry advocacy group, said its members contacted lawmakers nearly 50,000 times in August through calls and emails. The group also organized events and placed opinion pieces in local newspapers backing the measure. Separately, crypto industry groups have spent at least $190 million on the November midterm elections.
Opposition has also been active. The Independent Community Bankers of America has arranged meetings between local bankers and senators in their home states and launched television ads urging changes to the bill. The group said the legislation should explicitly ban stablecoin yield to protect community banks’ role in supporting $4.1 trillion in local lending. Stablecoin rewards have become a central point of dispute, with banking groups warning of deposit outflows while crypto firms push to preserve such incentives and secure clearer federal rules. The bill is also facing criticism tied to anti-money laundering safeguards and ethics limits for government officials with crypto holdings.
The U.S. Senate plans to hold a procedural vote on the Clarity Act on Sept. 15. The bill would establish federal rules for digital asset regulation and divide oversight between the Securities and Exchange Commission, or SEC, and the Commodity Futures Trading Commission, or CFTC.
Lobbying has picked up ahead of the vote. Stand With Crypto, a Coinbase-backed crypto advocacy group, said its members contacted members of Congress nearly 50,000 times in August through phone calls and emails. The group also organized events and placed opinion pieces in local newspapers in support of the bill.
Crypto industry groups have already spent at least $190 million on the November midterm elections.
Community banks push for changes
The Independent Community Bankers of America, or ICBA, has arranged meetings between local bankers and senators in their home states and has also run television ads calling for changes to the legislation.
ICBA said the bill should explicitly prohibit stablecoin yield so community banks can continue supporting $4.1 trillion in local lending activity. Stablecoin rewards have become one of the main flashpoints in the debate.
Stablecoin rewards and other provisions draw scrutiny
Banking groups argue that allowing crypto platforms to pay rewards on stablecoins could pull deposits away from traditional banks. Crypto companies, by contrast, want to keep those rewards and are also pressing for clearer federal rules.
The bill is also facing opposition over anti-money laundering safeguards and ethics restrictions tied to government officials with crypto asset interests.
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