Crypto advocates and community bankers are lobbying senators in their home states ahead of a September 15 Senate procedural vote on the Clarity Act.
Regulation & Gov ·
Crypto advocates and community bankers are mobilizing in senators' home states before a September 15 procedural vote on the Clarity Act, which would establish federal rules for digital assets. Stand With Crypto, a group claiming 3 million supporters, reported nearly 50,000 calls and emails to Congress in August, while the Independent Community Bankers of America has organized local meetings and television advertising opposing the bill. The central conflict centers on stablecoin rewards—banking groups worry crypto platforms offering such rewards could siphon deposits from traditional banks, whereas crypto firms contend that stablecoins should retain this feature and that clearer federal oversight is necessary.