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Crypto, Banks Take Lobbying War to US Senators’ Home States Ahead of Key Vote
Crypto and banking groups are using op-eds, ads and local meetings to pressure senators as the industry has spent at least $190 million on the fight.
- The crypto industry has spent at least $190 million accelerating a lobbying campaign to pass the Clarity Act before November midterm elections, aiming to secure legal footing for the $2 trillion cryptocurrency market.
- During the August recess, Stand With Crypto—an advocacy group backed by Coinbase—mobilized supporters by facilitating nearly 50,000 constituent communications. Executive Director Mason Lynaugh stated the strategy involves demonstrating community presence in every congressional district.
- Supporters placed op-eds in Oklahoma, Kentucky, and Kansas newspapers while hosting advocacy events in Iowa, Michigan, Athens, and Augusta. These 3 million advocates urge Congress to pass the bill addressing legal ambiguity for digital assets.
- The Senate faces a procedural vote on September 15 that could determine the bill's fate. Democrats and Republicans warn the proposal lacks robust money-laundering safeguards, complicating efforts to clear the 60-vote threshold.
- While President Donald Trump and the White House have backed the Clarity Act, commercials warn that polls rank crypto at the bottom of voter priorities, creating a difficult legislative environment despite industry investment.
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Crypto, banks take lobbying war to US senators’ home states ahead of key vote
By Hannah Lang Sept 9 (Reuters) - A fight over major cryptocurrency legislation has spilled into the congressional summer recess, with the crypto industry and the banking sector mounting a final lobbying blitz in senators' home states ahead of a vote o...
Clarity Act Vote: Crypto and Community Banks Lobby Ahead
ICBA's public campaign asks lawmakers to extend the prohibition on interest or yield on payment stablecoins to all digital asset market participants, per the group's payment stablecoins campaign . The request targets not just issuers but the broader distribution chain that could route rewards to holders.Read more...
Coverage Details
Total News Sources16
Leaning Left0Leaning Right1Center2Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
C 67%
R 33%
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