CLARITY Act Advocates Hit 1 Million Contacts With Senate Recess Looming
Stand With Crypto, a nonprofit crypto advocacy organization, announced on July 31 that supporters have contacted lawmakers one million times urging Senate passage of the CLARITY Act before the August recess. The group has issued a seven-day countdown calling for advocates to contact their senators while Congress remains in session.
The campaign milestone comes as senators face disagreements over enforcement powers, financial conflicts, anti-money laundering controls, decentralized finance, custody, and stablecoin provisions. Supporters say the bill divides regulatory authority between federal agencies, while critics argue it could restrict state investigations and leave ethics concerns unresolved.
Institutional support includes Blackrock, Fidelity, Goldman Sachs, and Franklin Templeton. However, Galaxy Research lowered its 2026 enactment probability estimate from 50% to 30%, citing unresolved disputes and a tight legislative calendar.
New York Attorney General Letitia James urged Congress on July 27 to strengthen cryptocurrency oversight, including anti-money laundering compliance and customer identification, noting nearly $500 million in scam losses over five years. She argues the CLARITY Act could restrict state enforcement against fraudulent platforms.
Senate Banking Committee Republicans maintain the bill preserves federal anti-fraud authority, applies Bank Secrecy Act rules to digital asset intermediaries, and expands suspicious-transaction controls. Their May 12 summary also describes kiosk registration, customer warnings, holding periods, withdrawal limits, and new Treasury authority targeting foreign digital asset activity linked to money laundering.
Senate Banking Committee minority staff released a July 30 analysis concluding that the bill’s ethics provisions would leave President Donald Trump’s existing cryptocurrency ventures unaffected and allow future ventures to be structured outside proposed restrictions. This has intensified Democratic demands for broader safeguards covering elected officials and family-linked businesses.
Earlier scrutiny focused on Trump’s reported $1.4 billion in cryptocurrency-related income for 2025 and interests in World Liberty Financial. Senator Elizabeth Warren requested updated information through July 15, arguing senators need current figures while evaluating legislation affecting Trump-linked holdings.
The competing positions leave senators balancing grassroots pressure and institutional backing against demands for stronger state authority and federal ethics restrictions. With most major legislation needing 60 votes to overcome procedural hurdles, the bill’s next test is whether negotiators can preserve bipartisan support before the Aug. 7 recess.