Consumer Technology Association Urges Senate Vote on CLARITY Act
The Consumer Technology Association (CTA), representing over 1,300 technology companies, has renewed its call for the Senate to pass the CLARITY Act, a bill that would establish federal rules for digital assets. In a statement on July 28, CTA senior vice president Michael Petricone noted that the House has already approved the legislation with bipartisan support and that industry stakeholders are unified behind it. He warned that the Senate must decide whether financial technology innovation develops in the United States or abroad.
CTA argues that regulatory clarity would encourage investment, strengthen consumer protections, and reinforce U.S. leadership in blockchain technology. The group first expressed support in a June 17 letter, emphasizing that businesses need clear rules before committing long-term capital.
The bill’s path to a Senate vote remains uncertain. Senator Cynthia Lummis has released updated text incorporating work from the Banking and Agriculture committees, but opposition persists. Senator Elizabeth Warren, ranking member of the Banking Committee, said the revised language does not resolve conflicts of interest. Ethics provisions and stablecoin rewards are among the most contentious issues.
Political pressure is building ahead of the November midterm elections. Advocacy groups plan to score senators’ votes on the bill. Separately, over 130 banking leaders have urged lawmakers to prevent payment stablecoins from functioning like interest-bearing accounts, warning of potential deposit losses.
Major financial institutions have also weighed in. BlackRock, the world’s largest asset manager, publicly backed the CLARITY Act as the Senate races against its legislative calendar. Former House Financial Services Committee Chairman Patrick McHenry has described passage as a question of ‘when, not if,’ while SEC Chair Paul Atkins has endorsed legislation over agency-led regulation.