Support Crypto, Urge House to Pass CLARITY Act

A Unified Call for Clarity in Crypto Regulation

A coalition of 65 cryptocurrency organizations, including Coinbase’s nonprofit advocacy arm, Stand With Crypto, has united to urge Congress to pass the Digital Asset Market Structure Clarity Act (CLARITY Act). This legislative effort aims to address years of regulatory confusion by assigning primary oversight of digital assets to the Commodity Futures Trading Commission (CFTC), while the Securities and Exchange Commission (SEC) would handle digital assets classified as securities. This dual-framework approach is designed to eliminate jurisdictional conflicts and provide a clear regulatory path for the industry.

The letter emphasizes the importance of moving beyond political divides and focusing on the long-term benefits of blockchain technology. It warns that the U.S. risks falling behind globally if it does not adopt pro-crypto policies that fully embrace the potential of digital innovation. The message is clear: the future of finance is being reshaped by blockchain, and the U.S. must act decisively to remain competitive.

Industry Leaders Warn of Economic Risks

The coalition includes major players in the non-fungible token (NFT) space, such as OpenSea and Dapper Labs, who argue that the U.S. is losing its leadership in digital assets at an alarming rate. Without a consistent national crypto framework, startups, developers, and investors are increasingly looking to countries with clearer and more supportive regulations. This exodus threatens America’s position as a global leader in financial innovation.

Industry leaders stress that the CLARITY Act would bring much-needed stability to a sector known for its volatility. By clarifying how different digital assets are treated under U.S. law, the bill would allow companies to operate with confidence and foster growth. It would also enable regulators to maintain oversight without stifling innovation, creating a balanced environment for the industry to thrive.

Legislative Momentum and Political Divides

House Republican leaders have designated July 14 as “Crypto Week,” a special period for focused legislative work. During this time, members of Congress will consider the CLARITY Act, along with two other key bills: the GENIUS Act and the Anti-CBDC Surveillance State Act.

The GENIUS Act, which sets rules for stablecoins, has already passed the Senate and received support from former President Donald Trump, who urged lawmakers to pass it before the August recess. The Anti-CBDC bill seeks to prevent the creation of a U.S. central bank digital currency. While the GENIUS Act may be the first to reach a vote, the CLARITY Act is close behind, having been approved by the House Financial Services Committee and the Agriculture Committee on June 10. It is now awaiting a full House vote, with the potential to move to the Senate, where Banking Committee Chair Senator Tim Scott has expressed interest in passing a crypto market bill in September.

Democratic Concerns and Allegations of Conflict

Despite growing support, the CLARITY Act faces strong opposition from Democrats. Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, has criticized the bill as rushed and irresponsible, warning that it could weaken oversight of high-risk digital asset activities. She has also raised concerns about the potential influence of Donald Trump’s business interests on federal crypto policy, calling the bill “Trump’s crypto con.”

Waters points to Trump’s expanding presence in the digital asset space, including ventures in trading platforms, stablecoins, mining, NFTs, and other token-based projects, which are estimated to have generated over $620 million. This has led to fears among Democrats that recent crypto legislation may prioritize personal gain over the public interest, raising questions about conflicts of interest and the true motivations behind the push for reform.

A New Era of Financial Innovation

As the debate over crypto regulation continues, the industry remains focused on the potential for growth and innovation. The CLARITY Act represents a significant step toward creating a stable and transparent regulatory environment, but its passage will depend on navigating the complex political landscape.

In the meantime, new opportunities are emerging for those looking to participate in the evolving digital economy. The News PulseAcademy is set to launch in 2025, offering a novel way to earn passive income through decentralized finance (DeFi). As the world continues to embrace blockchain technology, the future of finance looks more promising than ever.