Crypto groups push Senate for CLARITY floor vote

Three crypto trade groups — the Crypto Council for Innovation, the Digital Chamber and the Blockchain Association — wrote Friday to Senate Majority Leader John Thune and Minority Leader Chuck Schumer asking that the Digital Asset Market Clarity (CLARITY) Act receive floor consideration before the Senate breaks for August state work periods.

The groups said bipartisan negotiations remain underway and encouraged leaders to hold a vote while talks continue.

The CLARITY Act, advanced out of the Senate banking and agriculture committees, would create a federal framework for how securities and commodities laws apply to digital assets and set rules for custody, trading venues and decentralized finance.

Republican sponsors released bill text this week that includes ethics provisions barring public officials from issuing or sponsoring cryptocurrencies. Several Democratic senators said those measures do not go far enough to prevent corruption. Sen. Ruben Gallego called the proposed ethics language “not a serious effort.”

Backers in the industry contend the bill would provide clearer rules for exchanges and custodians, strengthen consumer protections and give law enforcement new tools. Coinbase chief executive Brian Armstrong posted that the lack of a federal framework allowed firms such as FTX to harm customers and pushed activity offshore.

Orest Gavryliak, chief legal officer at DeFi platform 1inch, told a podcast that the bill would help recognize non-custodial protocols rather than forcing them into custodial regulatory frameworks.

The Senate needs 60 votes to overcome a filibuster; Republicans hold 52 seats. Sponsors and supporters are trying to secure bipartisan support to reach that threshold before the August recess. If a floor vote is not held, consideration could be delayed into the run-up to the 2026 midterm elections.

A prediction market listed roughly a 40% chance the bill would pass before the August break.

In their letter the trade groups said they appreciate ongoing bipartisan efforts and urged senators to broaden support while moving the measure to the floor.