Days are slipping by, and the CLARITY is simply being postponed.
To expedite the approval process, Jack Dorsey’s financial technology company, Block Inc. wrote to Senate Majority Leader John Thune and Minority Leader Chuck Schumer, pleading with them to bring the CLARITY Act to the Senate floor for consideration.
The letter, which was signed by Chief Legal Officer Chrysty Esperanza, describes the CLARITY Act as an important step in the development of a clear federal regulatory framework for digital assets.
Durable market structure legislation is necessary to provide regulatory clarity for innovators, market participants, and consumers and to ensure the U.S. remains a global leader in financial innovation.
According to Block, the bill would replace the current patchwork of state regulations. Additionally, it would also create a national framework for consumer protection and finally define when a digital asset is regulated as a security or a commodity.
Another letter to Senator Thune
Echoing similar sentiments, the Solana Policy Institute (SPI) also wrote to Senate Democrat Schumer and Senate Thune on the 28th of July, requesting that they bring the CLARITY Act to the Senate floor before the start of the August recess.
Signed by Miller Whitehouse-Levine, the founder and CEO of SPI, and SPI President Kristin Smith, the letter makes the case that the bipartisan bill is ready for final consideration after almost ten years of work. SPI added,
The Clarity Act delivers what the American crypto ecosystem needs.
Given that the U.S. led the world in blockchain developer growth in 2024, SPI understands the importance of legal certainty. This is because the Solana ecosystem alone saw an 84% year-over-year increase in developers.
The letter makes the case that current financial regulations were created for traditional markets, which depend on custodians, brokers, and centralized exchanges. In contrast, blockchain networks function through decentralized systems, necessitating the need for updated regulations.
The crypto industry and Republicans demand approval
Further pressuring the approval, Coinbase CEO and co-founder Brian Armstrong noted,
Senator Cynthia Lummis, the Act’s most outspoken supporter, also mentioned,
Final Summary
- The CLARITY Act is now getting support from the broader crypto industry for approval.
- The rise in pressure seems to have come after the revised version of the Act garnered attention.
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