Crypto Associations Urge Senate to Pass the Clarity Act

The Crypto Council for Innovation, Blockchain Association, and The Digital Chamber strongly urged the Senate to bring to a floor vote the Digital Asset Market Clarity Act, which would establish a comprehensive federal regulatory framework for digital assets. The House of Representatives passed the legislation (see prior coverage).

In a joint letter to Senate Majority Leader John Thune and Minority Leader Charles Schumer, the Associations said the legislation would replace the patchwork of state money transmitter and licensing regimes with robust federal consumer protection safeguards. The Associations noted the bill would require digital commodity intermediaries to segregate and safeguard customer assets, use qualified digital asset custodians, maintain minimum financial resources, and provide clear risk disclosures.

The Associations argued the bill would significantly expand law enforcement authority to combat illicit finance in the digital asset ecosystem. They said the legislation strengthens anti-money laundering and sanctions authorities, expands the Treasury Department's ability to address emerging risks, and extends Bank Secrecy Act obligations to blockchain-based intermediaries.

Acknowledging that negotiations remain underway in the Senate, the Associations encouraged those discussions to continue while urging leadership to prioritize floor consideration to deliver regulatory certainty.