Coinbase's lobbying department, along with numerous cryptocurrency companies, is urging U.S. House representatives to swiftly pass an important bill during next week's meeting that will define the regulatory framework for the cryptocurrency industry.
In a letter sent on Monday, Stand With Crypto and 65 cryptocurrency advocacy organizations and companies requested House representatives to support the Digital Asset Market Clarification Act—more commonly known as the CLARITY Act.
"We know that some are trying to politicize cryptocurrency legislation, but as cryptocurrencies significantly reshape the global economy, the U.S. risks falling behind unless we adopt a comprehensive pro-crypto policy that fully embraces blockchain technology," the letter stated.
The CLARITY Act clarifies the roles of the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) in regulating cryptocurrencies. It grants most cryptocurrency regulatory authority to the CFTC, while the SEC will oversee products related to crypto securities.
The letter, signed by heavyweight companies in the non-fungible token (NFT) space such as OpenSea and Dapper Labs, claims that "signs of the decline of U.S. crypto leadership have already emerged."
The organizations stated, "The lack of standardized rules hinders institutional adoption and innovation, pushing talent and businesses to more crypto-friendly jurisdictions overseas."
"We cannot allow inaction and uncertainty to jeopardize our ability to secure the future of the U.S. economy," the letter added. "Most importantly, the U.S. crypto industry needs market structure—ensuring clear rules of the game and providing the regulatory clarity needed for developers, users, and advocates to continue innovating."
Republican House leaders indicated on Thursday that they would consider the CLARITY Act and two other cryptocurrency bills during the week starting July 14, which they are calling "Crypto Week."
House Speaker Mike Johnson stated that the House will also review the Anti-CBDC Surveillance National Act, which prohibits central bank digital currencies, and the GENIUS Act, which regulates stablecoins.
The GENIUS Act may take precedence on the agenda as it has already passed the Senate, and former President Trump expressed last month his desire for the bill to be passed quickly before Congress enters a month-long recess in August.
The CLARITY Act could be the next bill sent to Trump's desk, as it has now been submitted for full House consideration after being advanced by the House Financial Services Committee and the Agriculture Committee on June 10.
The bill still needs to pass the Senate, and Senate Banking Committee Chairman Tim Scott stated last month that he hopes to pass a cryptocurrency market structure bill "by the end of September."
Senate Democrats have previously blocked Republican efforts to swiftly pass the GENIUS Act to the House, citing concerns over Trump's growing ties to cryptocurrency, and House Democrats have expressed similar concerns regarding the CLARITY Act.
Senior House Financial Services Committee Democrat Maxine Waters stated during a hearing in early June that the CLARITY Act is a "rushed, overly complex bill" that would exempt "some of the riskiest activities" in cryptocurrency.
"Rebranding Trump's crypto scheme is far from the only alarming aspect of this confusing and reckless legislation," she added, pointing out the Trump family's growing net worth from its cryptocurrency investments.
Reports indicate that Trump's net worth has increased by at least $620 million due to his and his family's cryptocurrency investments, which now include crypto trading platforms, stablecoins, crypto mining businesses, NFTs, and various tokens.
Related: Shenzhen Issues Warnings on Stablecoin Scams and Illegal Cryptocurrency Fundraising
Original article: “Coinbase Crypto Lobby Group Urges Congress to Support Important Crypto Bill”
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