Coinbase’s lobbying arm, alongside a coalition of 65 crypto advocacy groups and companies, has called on U.S. House lawmakers to swiftly pass a key piece of legislation that would establish a clear regulatory framework for the crypto industry.
In a letter sent Monday, the group — led by Stand With Crypto — urged lawmakers to support the Digital Asset Market Structure Bill, commonly known as the CLARITY Act.
“We recognize there have been attempts to politicize crypto legislation,” the letter stated. “But with digital assets rapidly transforming the global economy, the U.S. risks falling behind unless it adopts forward-looking policies that fully embrace blockchain technology.”
The CLARITY Act outlines the regulatory responsibilities of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), assigning the bulk of oversight to the CFTC while granting the SEC authority over crypto-related securities.
Crypto Groups Warn U.S. Leadership in Digital Assets Is Declining
The letter — signed by prominent NFT players like OpenSea and Dapper Labs — warned that the U.S. is already showing “signs of declining crypto leadership.”
According to the groups, the absence of clear, consistent regulations is stalling institutional adoption and innovation, and driving talent and businesses to countries with more crypto-friendly policies.
“We cannot afford to let inaction and uncertainty jeopardize our ability to secure America’s economic future,” it added. “Above all else the U.S. crypto industry needs market structure — which ensures there are clear rules of the road and provides the regulatory clarity that developers, users, and advocates need to continue innovating.”
House Set to Review CLARITY Act During Upcoming “Crypto Week”
Republican leaders in the House announced Thursday that they plan to take up the CLARITY Act and two other major crypto bills during the week of July 14, which they’ve dubbed “Crypto Week.”
House Speaker Mike Johnson confirmed that lawmakers will also consider the Anti-CBDC Surveillance State Act — aimed at blocking the creation of a central bank digital currency — and the GENIUS Act, which sets regulations for stablecoins.
The GENIUS Act is expected to take top priority, as it has already passed the Senate and received strong backing from former President Donald Trump, who urged its passage before Congress begins its August recess.
The CLARITY Act is also gaining momentum. It advanced through both the House Financial Services Committee and the Agriculture Committee on June 10 and now heads to the full House. If approved, it will still need Senate backing. Senate Banking Committee Chair Tim Scott said last month he hopes to pass a crypto market structure bill before the end of September — raising the chances the CLARITY Act could soon make it to Trump’s desk as well.
Democrats May Pose Obstacle to CLARITY Act’s Passage
Senate Democrats have already slowed down Republican efforts to fast-track the GENIUS Act to the House, citing growing concerns over Donald Trump’s deepening ties to the crypto industry — and similar resistance is emerging around the CLARITY Act.
House Democrats, including Representative Maxine Waters, the ranking member of the House Financial Services Committee, have voiced strong opposition. At a hearing in early June, Waters called the CLARITY Act a “rushed, overly complicated bill” that would carve out exemptions for “some of the riskiest activities” in the crypto space.
“Legitimizing Trump’s crypto con is far from the only terrible thing about this confusing and reckless legislation,” she said, pointing to the Trump family’s rapidly growing wealth from crypto-related ventures.
Reports suggest Trump and his family have added at least $620 million to their net worth through a sprawling crypto empire that now includes a trading platform, a stablecoin, a mining operation, NFTs, and multiple digital tokens.
