The U.S.'s top three crypto industry associations urge the Senate to fast-track the CLARITY Act.

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On July 24, the top three U.S. crypto industry associations wrote to Senate leaders, urging expedited passage of the CLARITY Act. The bill would establish a federal consumer protection framework for digital assets, enhance CFTC enforcement authority, and clarify the CFTC’s oversight of digital commodity markets. It requires intermediaries to safeguard client assets and meet financial safeguards. With 67 million Americans holding crypto, the letter emphasizes the urgent need for a unified regulatory approach. The bill passed the House last year with bipartisan support. As liquidity and crypto markets expand, U.S. leadership risks falling behind, with only 19% of developers based in the country.

ChainThink reports that on July 24, the Crypto Council for Innovation, the Blockchain Association, and The Digital Chamber—three major cryptocurrency industry associations—jointly sent a letter to Senate Majority Leader John Thune and Senate Minority Leader Chuck Schumer, urging the Senate leadership to prioritize the CLARITY Act for floor consideration.

The three major associations stated that the CLARITY Act will establish a comprehensive federal consumer protection framework for digital assets, strengthen anti-money laundering and sanctions enforcement powers, and require digital asset intermediaries to safeguard client assets separately, maintain minimum financial resources, and fulfill disclosure obligations.

The bill would also grant the Commodity Futures Trading Commission (CFTC) explicit regulatory authority over the spot market for digital commodities. The letter notes that nearly 67 million Americans currently hold digital assets, accounting for about one-quarter of the U.S. population;

Traditional financial institutions, asset management firms, and payment companies are also accelerating their integration of digital assets. The association noted that the United States still lacks a unified federal regulatory framework. The letter also stated that last year, the House of Representatives passed the bill with bipartisan support, including 78 Democratic votes;

In 2025, 88% of global cryptocurrency trading volume occurred on non-U.S. exchanges, and only 19% of cryptocurrency developers were located in the U.S.

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