Top crypto advocacy groups Crypto Council for Innovation, Blockchain Association, and Digital Chamber have said in a letter that they support the latest version of the Clarity Act.
In Friday’s newsletter, trade unions he said that passing the bill is necessary to establish “the first consumer protection policy for digital markets” as more Americans begin to use and invest in crypto.
US lawmakers are currently looking at the recently drafted Clarity Act – a bill for the crypto market that aims to put financial regulation on the rocks. Recent drafts prohibit senior citizens and their families from donating or raising crypto.
“Approximately 67 million Americans, nearly one in four, already own a digital asset, and recent surveys show that number is only growing,” the letter said.
“This is an important opportunity for the Senate to change the status quo by enacting sustainable digital finance legislation that protects consumers, protects markets, and ensures innovation thrives in the United States,” it added.
Bank 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 approved by the House of Representatives but is not going well after the banking executives he raised concerns on stablecoins and yields that could pay customers.
America’s largest crypto exchange, Coinbase, pulled support for the currency in January after a dispute with bank officials who said that earning yields on stablecoins should be banned.
US banks have said they may lose customers if crypto exchanges offer more lucrative deals on their portfolios.
The Most Popular Bill
A new bill has been circulating this week and is expected to be voted down.
On Thursday, Goldman Sachs chairman and CEO David Solomon he became one of the first big banks to throw their support behind the bill.
The latest document prohibits officials and their families from giving away or raising crypto – a sore point for Democratic politicians who have said that President Donald Trump’s family has unfairly benefited from crypto projects.
“These changes demonstrate engagement with policymakers in both sectors and show that a well-designed market can encourage innovation and strengthen national security,” the letter from the trade association added.
