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Crypto groups back Senate draft of the Clarity Act consumer rules
The letter says about 67 million Americans already own digital assets and the bill is meant to create a federal consumer protection framework, while the draft also includes bans on officials and their families issuing or promoting crypto.
Three crypto trade associations, the Crypto Council for Innovation, the Blockchain Association, and the Digital Chamber, said they support the latest Senate draft of the Clarity Act, a crypto market structure bill under consideration by US lawmakers, according to Bitcoin Magazine.
In a letter dated Friday, the groups argued that passage is needed to establish a first comprehensive federal consumer protection framework for digital asset markets as more Americans use and invest in crypto. The letter also pointed to research that nearly 67 million Americans, about one in four, already own digital assets.
Bitcoin Magazine also reports that the bill has been in deadlock since the House passed it, after banking chiefs raised concerns about stablecoins and yields they could pay customers. Banking representatives and regulators have been meeting at the White House on the Clarity Act since last year, and Coinbase pulled support for the bill in January after clashes with banking chiefs over whether earning yield on stablecoins should be banned.
The latest draft includes a ban on officials and their families issuing or promoting crypto. Bitcoin Magazine adds that a new bill circulating this week is expected to move to a floor vote, and it says Goldman Sachs CEO David Solomon backed the measure on Thursday.
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