Key Takeaways
- Stand With Crypto reiterated that advocates have contacted Congress nearly 1 million times.
- Fidelity, Goldman Sachs, and the Fraternal Order of Police have backed Senate action.
- No floor vote has been scheduled, while seven Senate Democrats oppose the latest draft.
Grassroots Network Renews Pressure on Congress
Stand With Crypto, a U.S. crypto advocacy organization that says it has around 3 million registered advocates, reiterated that supporters have contacted Congress nearly 1 million times as it renewed its campaign for passage of the CLARITY Act.
The group is highlighting the outreach to underscore sustained public engagement with digital asset policy as lawmakers face a narrowing legislative calendar. Its 2025 report said advocates sent more than 925,000 emails to Congress that year and more than 1.1 million since the organizations founding.
The CLARITY Act would create a federal regulatory framework for digital assets and clarify when the Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission (CFTC) oversees a cryptocurrency or market intermediary. Its provisions could affect exchange registration, asset listings, customer disclosures, and enforcement involving fraud or manipulation.
About Stand With Crypto. Source: Stand With CryptoCLARITY Act Gains New Support This Week
The CLARITY Act gained support this week from major financial institutions and the nations largest police organization, broadening the coalition pressing senators to advance the legislation.
Financial giant Fidelity urged senators to pass the bill, arguing that nationwide rules would strengthen investor confidence and give businesses greater regulatory certainty. The company reported $7.1 trillion in managed assets and $18 trillion in assets under administration for 2025. Goldman Sachs CEO David Solomon also backed moving the legislation forward, adding another prominent Wall Street voice to the campaign.
The Fraternal Order of Police, or FOP, which represents 382,000 active and retired officers, endorsed the revised bill after changes preserved protections for criminal investigations, suspicious-transaction holds and digital asset seizures.
Senate Action Remains Uncertain
No Senate floor vote has been scheduled, and supporters are urging lawmakers to act before the August recess. Grayscale research chief Zach Pandl warned that the bill could be overtaken by midterm election politics if it does not clear the Senate within the next two weeks.
Senator Cynthia Lummis (R-WY) released revised text July 22 combining work from the Senate Banking and Agriculture committees. The proposal would divide oversight between the Securities and Exchange Commission and Commodity Futures Trading Commission while establishing registration, disclosure, and customer-asset requirements for digital asset businesses. The Senate Banking Committee previously advanced the legislation in a bipartisan 15-9 vote.
However, seven Senate Democrats said the latest draft still falls short on ethics, consumer protection, illicit finance, conflicts of interest and market integrity. Their objections center partly on restrictions governing digital asset activity by elected officials and their families.
The revised bill would prohibit federal officials and their spouses from issuing or sponsoring digital assets for compensation, require divestment or blind trusts in some cases, and impose penalties on intermediaries that knowingly list prohibited tokens. Negotiators are expected to continue discussions, but the unresolved dispute leaves the timing of Senate action uncertain.
CLARITY Act Delivers 3 Key Benefits for Developers, Investors, and Markets, Senator Says
U.S. Senator Cynthia Lummis highlighted three key benefits of the CLARITY Act, arguing that the legislation would form part of…
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CLARITY Act Delivers 3 Key Benefits for Developers, Investors, and Markets, Senator Says