Coinbase’s nonprofit advocacy arm, Stand With Crypto, linked with 65 other crypto organizations to send a letter to Congress urging them to swiftly pass the Digital Asset Market Structure Clarity Act (CLARITY Act). The legislation aims to settle long-standing regulatory uncertainty by assigning primary oversight of digital assets to the Commodity Futures Trading Commission (CFTC). At the same time, the Securities and Exchange Commission (SEC) would oversee digital assets classified as securities. This dual-framework approach eliminates years of ambiguity and jurisdictional conflict burdening the crypto industry. The letter urged politicians not to play politics but to concentrate on the long-term gains that the adoption of blockchain technology holds. “We know that there have been efforts to politicize crypto legislation, but with crypto drastically reshaping the global economy, the US risks falling behind unless we adopt pro-crypto policies that fully embrace blockchain technology,” it said. Crypto industry rallies behind CLARITY Act as US risks losing global edge The coalition of companies behind the letter, which includes some of the biggest names in the non-fungible token (NFT) business, like OpenSea and Dapper Labs, contends that its leadership in digital assets is dwindling at a high velocity. The absence of a consistent, national crypto framework drives startups, devs, and investors out of the US into countries with clearer and more embracing rules. The groups warned that failure to take action and ongoing uncertainty could endanger America’s economic future. They emphasized in the letter that the industry requires a reliable market structure to attract talent and drive innovation. They argued that without such a framework, the United States risked losing the benefits of blockchain technology and digital finance. The industry itself is extremely cyclical, with the super major oil and gas companies bouncing up and down in the markets over the years, and the CLARITY Act certainly provides stability, they argue. It would also clarify how different digital assets are treated under US law, allowing companies to build and grow here confidently. It would also enable regulators to regulate the industry without hampering innovation. House Republican leaders said July 14 would be “Crypto Week,” a special week for concentrated legislative work. While in session, members of Congress will look to hold discussions and consider the CLARITY Act, as well as two other marquee bills in the form of the GENIUS Act and the Anti-CBDC Surveillance State Act. The GENIUS Act, which sets stablecoin rules, has already cleared the Senate. President Donald Trump publicly backed the bill and urged lawmakers to pass it before the August recess. The Anti-CBDC bill, on the other hand, would prevent a US central bank digital currency from being formed. The GENIUS Act may be the first to reach a vote, but the CLARITY Act isn’t far behind. It was approved by the House Financial Services Committee and the Agriculture Committee on June 10 and is awaiting a full House vote. If approved, it will head to the Senate, where Banking Committee Chair Senator Tim Scott reportedly stated that he would like to pass a crypto market bill in September. Democrats slam CLARITY Act as a ‘crypto con’ tied to Trump’s business interest The CLARITY Act is gaining traction despite 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 would weaken oversight of high-risk digital asset activities and open the door to potential abuse. Waters has also raised concerns about the growing entanglement between Donald Trump’s financial interests and federal crypto policy . She dubbed the bill “Trump’s crypto con,” pointing to the president’s expanding footprint in the digital asset space, including trading platforms, a stablecoin, a mining company, NFTs, and other token ventures, estimated to have brought in at least $620 million. This has led to concerns among Democrats that recent bills around crypto could have more to do with lining their own pockets than with the public interest. Democrats fear that recent crypto legislation may be more about personal gain than sound policy, sparking deeper concerns about conflicts of interest and the true motivations behind the push. KEY Difference Wire : the secret tool crypto projects use to get guaranteed media coverage
