Stand With Crypto, a Coinbase-backed grassroots crypto advocacy group, said on July 22 that supporters have made 950,000 contacts with members of Congress as the campaign to advance the CLARITY Act enters a decisive stage. Coinbase CEO Brian Armstrong stated the bill is ready for a full Senate floor vote and could reach the floor within weeks. The bipartisan legislation would clarify federal oversight of digital assets, add consumer safeguards, and impose ethics restrictions on senior federal officials and members of Congress, with updated text released by Senator Cynthia Lummis after negotiations involving the Senate Banking and Agriculture committees.
Stand With Crypto described the bipartisan legislation as a consumer-focused measure that has been years in the making and urged senators to take up the bill. Armstrong joined the push during a visit to Capitol Hill, thanking the group's members for contacting their representatives and urging lawmakers to complete work on the legislation. Armstrong wrote on X on July 22: "The Clarity Act is ready for a full Senate floor vote."
The revised text includes ethics provisions that would prohibit covered federal officials, including the president, vice president, and members of Congress, as well as their spouses, from issuing or sponsoring digital assets for compensation while in office. Officials could comply by divesting affected holdings or placing them in a qualified blind trust. The restrictions would expire Jan. 20, 2029.
Brian Armstrong Projects Senate Floor Action Within Weeks
In a video recorded during a visit to Capitol Hill, Armstrong described the bill as being "at the one-yard line" and said its next legislative step could come soon. Armstrong said: "I think in the next few weeks, we have a good chance of getting this bill to the full Senate floor."
He argued that the lack of a comprehensive federal framework has left consumers vulnerable, pushed parts of the crypto industry offshore and reduced the ability of U.S. regulators to oversee companies serving American customers. Armstrong pointed to the collapse of FTX as an example of the damage bad actors can cause when clear rules and effective oversight are absent. He said the bill would strengthen protections for customers while giving law enforcement more tools to pursue fraud and other misconduct.
Armstrong wrote: "Crypto can't be uninvented at this point, so whether you love crypto or hate crypto, you should want clear federal laws."
CLARITY Act Would Divide SEC and CFTC Oversight
According to a Senate Banking Committee fact sheet on the CLARITY Act, the legislation would define regulatory responsibilities for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The proposal includes tailored disclosure requirements, anti-evasion provisions, and restrictions intended to limit insider abuse and market manipulation.
The measure would protect customer crypto assets during exchange bankruptcies and provide benefits for developers, investors, and markets. The lobbying effort comes during a critical Senate window before the August recess, while lawmakers continue weighing the bill.
FAQ
What did Stand With Crypto announce on July 22?
Stand With Crypto announced on July 22 that supporters have made 950,000 contacts with members of Congress in support of the CLARITY Act as the campaign to advance the bipartisan legislation enters a decisive stage.
What ethics restrictions does the CLARITY Act include?
The revised CLARITY Act text includes ethics provisions that would prohibit covered federal officials, including the president, vice president, and members of Congress, as well as their spouses, from issuing or sponsoring digital assets for compensation while in office. Officials could comply by divesting affected holdings or placing them in a qualified blind trust. The restrictions would expire Jan. 20, 2029.
How would the CLARITY Act divide regulatory oversight?
According to a Senate Banking Committee fact sheet, the CLARITY Act would define regulatory responsibilities for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), establishing a framework for federal oversight of digital assets.
