Crypto Advocates Contact Congress 1 Million Times as CLARITY Act Pressure Builds

Stand With Crypto is highlighting nearly 1 million contacts with Congress as Fidelity, Goldman Sachs, and a 382,000-member police organization press senators to advance digital asset legislation before the August recess.

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.

The CLARITY Act gained support this week from major financial institutions and the nation’s largest police organization, broadening the coalition pressing senators to advance the legislation.

House Majority Whip Tom Emmer called the endorsement “big news,” saying FOP (@GLFOP) support would help ensure the United States remains a global leader in digital assets. He added that congressional Republicans and the White House remain committed to working with law enforcement partners and urged senators to pass the bill.

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.

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.