Top crypto advocacy groups the Crypto Council for Innovation, Blockchain Association, and the Digital Chamber have said in a letter that they support the latest draft of the Clarity Act.
In a letter Friday, the trade associations said that passing the bill is necessary to establish the “first comprehensive federal consumer protection framework for digital asset markets” as more Americans begin to use and invest in crypto.
U.S. lawmakers are currently mulling over the latest draft of the Clarity Act — a crypto market structure bill aims to set in stone digital asset regulation. The latest draft bans officials and their families from issuing or promoting crypto.
“Nearly 67 million Americans, about one in four, already own digital assets, and recent research demonstrates that this trend is only growing,” the letter said.
“This is a crucial opportunity for the Senate to improve upon the status quo by establishing durable rules for digital assets that protect consumers, safeguard markets, and ensure that innovation can thrive in the United States,” it added.
Banking representatives, regulators and crypto industry leaders have been meeting at the White House to work on the Clarity Act since last year.
The bill was passed by the House of Representatives but has been in deadlock after banking chiefs raised concerns over stablecoins and the yield they would potentially pay customers.
America’s biggest crypto exchange, Coinbase, pulled support for the bill in January after clashing with banking chiefs who said that earning yield on stablecoins should be banned.
U.S. banks have said they could lose customers if crypto exchanges offer more attractive products for their deposit base.
Latest Clarity Bill
A new bill has been circulating this week and it is expected it will head to floor vote.
On Thursday, Goldman Sachs chairman and CEO David Solomon became one of the first big bankers to throw his support behind the bill.
The latest draft bans officials and their families from issuing or promoting crypto — a sore point for Democratic politicians who have argued that President Donald Trump’s family has unfairly benefited from crypto ventures.
“These improvements reflect engagement with policymakers across both parties and demonstrate that a well-crafted market structure framework can promote innovation while also bolstering national security,” the letter by the trade associations added.