- Coinbase, 65+ crypto groups push for CLARITY Act passage ahead of July 14 House session.
- The bill gives crypto oversight to the CFTC, as the SEC handles crypto-linked securities.
- Lawmakers will decide next week if crypto firms get the clear rules they have longed for.
Coinbase’s advocacy arm has urged lawmakers to swiftly pass a bill that defines who regulates the digital asset industry in the United States. The request, backed by over 65 crypto organizations, comes ahead of a crucial House session starting July 14. The coalition argues that without clear rules, the U.S. risks losing its edge in global crypto innovation.
Industry Calls for Legislative Clarity
On Monday, Stand With Crypto, a nonprofit backed by Coinbase, sent a letter to House lawmakers urging them to pass the Digital Asset Market Clarity Act, also known as the CLARITY Act. The letter, co-signed by 65 organizations including Mysten Labs, OpenSea, and Archetype, calls for regulatory certainty to support blockchain growth and economic advancement.
The bill proposes a clear division of oversight between the two major financial regulators. The Commodity Futures Trading Commission (CFTC) would oversee most crypto activities, while the Securities and Exchange Commission (SEC) would retain authority over digital asset securities.
In the letter, the coalition stated, “We cannot afford to let inaction and uncertainty jeopardize our ability to secure America’s economic future.” It also emphasized the importance of setting “clear rules of the road” to guide developers, advocates, and users of crypto technology.
House Schedules Crypto Week
House Speaker Mike Johnson confirmed that lawmakers will consider the CLARITY Act, along with two other digital asset bills, during the week of July 14. This marks the first time the House will hold a dedicated “Crypto Week,” showcasing how seriously Congress is now treating the sector.
In addition to the CLARITY Act, lawmakers will review the GENIUS Act, which sets stablecoin rules, and the Anti-CBDC Surveillance State Act, which aims to block a U.S. central bank digital currency (CBDC). Among the three, the GENIUS Act is expected to be prioritized after clearing the Senate. President Donald Trump has expressed support for the GENIUS Act, stating he wants it passed before Congress adjourns for its August recess.
Related: GENIUS Act Expected to Pass by Mid-July, Says Scott Bessent
Senate Prepares Parallel Discussions
The Senate has yet to vote on the CLARITY Act, but is preparing its version. Banking Committee Chair Tim Scott and Senator Cynthia Lummis have introduced a set of principles aimed at shaping the upper chamber’s own digital asset legislation.
Scott, speaking last month, said he aims to pass a crypto market structure bill by the end of September. Meanwhile, the Senate Banking Committee will hold a hearing this Wednesday to continue talks on digital asset policy and regulation.
Led by Coinbase, Stand With Crypto’s campaign is seeking to secure support before the August recess. In its letter, the group warned that slow action could push innovation and talent abroad. They argue that failure to act could stall progress and limit economic opportunity across blockchain sectors.
As Congress prepares for a landmark week in crypto legislation, the question remains: Will U.S. lawmakers finally provide the clear regulatory roadmap the industry has long demanded?
