Clarity Act Scheduled for Procedural Vote on September 15, Intense Lobbying by Industry and Banking Sector

The U.S. cryptocurrency industry and banking sector are engaged in lobbying ahead of the Senate procedural vote on the Clarity Act (CLARITY Act) scheduled for September 15. Both sides are working to secure public opinion through local media, advertisements, letters, and offline events. The cryptocurrency industry is encouraging participation from supporters in states like Oklahoma, Kentucky, and Kansas, while Stand With Crypto reported that during the August recess, approximately 3 million supporters contacted lawmakers with 50,000 messages. The Clarity Act aims to distinguish digital assets as securities and commodities and define the oversight scope of the SEC and CFTC. This vote will determine whether the bill will proceed to the full Senate for consideration, requiring 60 votes. It is challenging for the Republican seats alone to reach 60 votes, necessitating support from Democrats and some Republican senators. The banking sector argues that the rewards paid to stablecoin holders are problematic, while the cryptocurrency industry counters that restrictions on reward payments could limit consumer choice. The ICBA is encouraging its members to meet with senators in each state to demand amendments to the bill, and the Blockchain Association has launched a website where voters can draft letters to send to their senators. The cryptocurrency industry is rushing to process the bill in line with the November midterm election schedule, reportedly investing at least $190 million in the bill's promotion this year.

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