Digital Currency Group (DCG) has urged the U.S. Senate to pass the Clarity Act, saying the country risks losing more crypto business to Singapore and the United Arab Emirates if lawmakers fail to act.
In a statement posted Wednesday, DCG said the current draft of the long-awaited bill provides “exactly the kind of certainty our industry needs to grow and thrive responsibly,” according to Bitcoin Magazine.
DCG says the competitive stakes are rising
The company said the bill reflects “serious negotiation” and “genuine compromise” from industry participants, advocates, and lawmakers on both sides of the aisle.
DCG added that “the competitive stakes could not be higher,” arguing that the United States has long been the global center of technological innovation but is now ceding ground at an alarming pace.
It said talent, capital, and innovative companies are increasingly looking to countries such as Singapore and the United Arab Emirates when deciding where to set up operations.
Lawmakers are pushing for passage before the August recess
Several lawmakers are hoping the Clarity Act will pass before Congress leaves for its August recess. The bill would establish a formal regulatory framework for crypto in the United States.
Although it was drafted on a bipartisan basis, some Democrats remain unhappy with the current version. Lawmakers have been working on the Clarity Act since last year.
Republicans passed the bill in 2025, but it has been deadlocked this year, in part because banking chiefs raised concerns about stablecoin yield.
Revised draft adds limits on officials and family members
A new draft circulating last week would bar officials and their families from issuing or promoting crypto. Bitcoin Magazine said opposition lawmakers had previously objected on that issue.
Republican lawmakers are pressing Democrats to move the bill forward. Support exists across both parties, though criticism of the current draft has continued.
Senator Elizabeth Warren has argued that the proposal would allow President Donald Trump to make money from crypto and would also benefit criminals.
Last week, a group of Democrats issued a statement saying the bill, in its current form, still falls short.
Support also comes from major financial institutions
DCG is one of the largest names in crypto investing, with a portfolio of more than 200 companies. Its best-known holding is Grayscale, the manager of the Grayscale Bitcoin Trust.
Bitcoin Magazine reported that 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 report first appeared on Bitcoin Magazine and was written by Mathew Di Salvo.