The Crypto Council for Innovation, Digital Chamber and Blockchain Association wrote to U.S. Senate leaders on Friday, urging the chamber to prioritize “floor consideration” of the Digital Assets Transparency Act (CLARITY).
Three pro-cryptocurrency groups wrote in a Friday letter to Senate Majority Leader John Thune and Minority Leader Chuck Schumer he insisted consideration of the CLARITY Act, which Republican lawmakers are calling for a vote before the chamber recesses for the state’s August work period. Although the bill has passed the Senate banking and agriculture committees, some lawmakers have said they plan to abstain from voting until key provisions are introduced.
“[We] We recognize that constructive, bipartisan negotiations continue to secure and expand support for this key piece of legislation,” the letter said. “We appreciate the good faith efforts of senators on both sides of the aisle and encourage these discussions to continue.”
Source: Crypto Innovation Council
The CLARITY Act, which is expected to be one of the most vital pieces of legislation affecting the crypto industry, needs 60 votes to pass in the Senate, where Republicans have a 52-47 majority over Democrats. Republicans released the text of the Market Structure Act earlier this week with ethics provisions that would prohibit public officials from issuing or sponsoring cryptocurrencies, but many Democrats said the measures did not go far enough to prevent corruption.
Related: Goldman Sachs CEO Backs ‘Imperfect’ TRANSPARENCY Act on Expectations Coming Soon
“Whatever bullshit they sent back to us, it wasn’t a serious effort,” Sen. Ruben Gallego said Thursday regarding the ethics legislation, according to Politico.
Gallego added:
“[…] After all the work we did with our Republican colleagues, they took months of work, interpreted it somehow, and then turned around and thought what they offered was even remotely close.”
White House Crypto Advisor on Democratic Opposition to CLARITY Ethics Rules. Source: Patrick Witt
Industry leaders are considering CLARITY ahead of a potential vote
“The status quo in the US is not working” he said Coinbase CEO Brian Armstrong in a Wednesday post on X. “There is no federal framework, so bad guys like FTX can harm U.S. customers, and much of the industry has moved overseas entirely beyond the purview of the U.S. This bill fixes that problem with forceful consumer protections, real enforcement tools, and a path for America to lead the industry.”
Orest Gavryliak, legal director of the DeFi platform 1inch, spoke on the bill aired Friday on Cointelegraph’s Chain Reaction podcast, saying CLARITY will help identify a framework for non-surveillance protocols rather than “regulation with enforcement.”
“Some regulators are trying to be friendly to non-fiduciary protocols or projects, they are still trying to fit us into a fiduciary framework and force us to use fiduciary solutions to solve problems that they used to have with traditional fiduciary or traditional financing, which is wrong [and] it doesn’t concern us at all,” Gavryliak said. “That’s why it’s very important for CLARITY to pass.”
If lawmakers are unable to pass a CLARITY vote before the Senate’s August recess, it could push consideration back several weeks before the 2026 U.S. midterms, potentially complicating discussions. Kalshi from Friday offered user contracts for events with a 40.3% chance that the bill will be passed before the August recess in the Senate.
Warehouse: Here’s why reaching an ethics agreement under the CLARITY Act can be so hard
