Crypto Advocates and Banks Intensify Lobbying Efforts for Clarity Act Ahead of Senate Vote
As the U.S. Senate prepares a procedural vote on the Clarity Act on September 15, crypto advocates and community banks are intensifying lobbying efforts in senators' home states to influence its outcome. The legislation aims to establish federal rules for digital assets by dividing oversight between the SEC and CFTC. Crypto groups have spent over $190 million ahead of November's midterms, organizing local events, op-eds, calls, and emails targeting lawmakers. Community banks are also pushing back through their own campaigns, arguing that provisions allowing stablecoin rewards could undermine traditional banking by drawing deposits away from small lenders. The Independent Community Bankers of America (ICBA) has highlighted concerns over the impact on $4.1 trillion in local lending activity. Disputes remain around money-laundering safeguards and ethics restrictions for government officials' crypto interests. Both sides are leveraging grassroots outreach, with Stand With Crypto reporting nearly 50,000 calls or emails to Congress last month.
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