CLARITY Act Faces Intensified Lobbying as Senate Vote Nears

Crypto and banking groups have expanded their lobbying efforts into senators' home states ahead of a procedural Senate vote on the CLARITY Act scheduled for September 15. According to Foresight News, Stand With Crypto Executive Director Mason Lynaugh said the group's roughly 3 million supporters contacted lawmakers nearly 50,000 times by phone or email during the August recess and published opinion pieces in local media in Oklahoma, Kentucky, and Kansas. The bill, backed by the White House and the crypto industry, seeks to clarify whether tokens are securities or commodities and determine their regulatory oversight. Some Democrats and Republican senators, including James Lankford of Oklahoma and Mike Rounds of South Dakota, have raised concerns that it lacks sufficient anti-money-laundering and compliance safeguards and could put digital tokens in competition with bank deposits, potentially affecting lending. Analysts said the bill's prospects remain uncertain. The Independent Community Bankers of America is also mobilizing members to speak directly with senators in their states and has placed television ads in Washington and target states opposing the measure. The Blockchain Association launched clarityforamerica.com in July to help the public tailor letters to senators by issue. With polls suggesting Democrats could retake the House in the November midterm elections, the crypto industry is pushing to secure passage this year after spending at least $190 million on the effort.