Top cryptocurrency advocacy groups, such as the Cryptocurrency Innovation Council, the Blockchain Association, and the Digital Chamber, said in a letter that they support the latest draft of the Clarity Act.
In a Friday letter to trade associations He said Passing the bill is necessary to create “the first comprehensive federal consumer protection framework for digital asset markets” as more Americans begin using and investing in cryptocurrencies.
US lawmakers are currently considering the latest draft of the Clarity Act – a draft cryptocurrency market structure bill that aims to establish regulatory rules for digital assets. The latest project prohibits officials and their families from issuing or promoting cryptocurrencies.
“Nearly 67 million Americans, about one in four, already own digital assets, and recent research shows this trend is growing,” the letter said.
He added: “This is a critical opportunity for the Senate to improve the status quo by creating permanent rules for digital assets that protect consumers, safeguard markets, and ensure innovation thrives in the United States.”
Bank representatives, regulators, and cryptocurrency industry leaders have been meeting at the White House to work on the Clarity Act since last year.
The bill was approved by the House of Representatives but reached a deadlock after bank bosses Raised concerns on stablecoins and the return they are likely to pay to clients.
Coinbase, America’s largest cryptocurrency exchange, withdrew its support for the bill in January after a dispute with bank bosses who said yielding on stablecoins should be banned.
US banks said they could lose customers if cryptocurrency exchanges offer more attractive products to their deposit base.
Latest Clarity Bill
A new bill was circulated this week and is expected to be voted on.
On Thursday, Goldman Sachs Chairman and CEO David Solomon said She became one of the first Senior bankers to throw their support behind the bill.
The latest project prohibits officials and their families from issuing or promoting cryptocurrencies — a sore point for Democratic politicians who have argued that President Donald Trump’s family has unfairly benefited from cryptocurrency projects.
“These improvements reflect engagement with policymakers from both parties and demonstrate that a well-designed market structure framework can foster innovation while also strengthening national security,” the letter from the trade associations added.
