A fight over a key piece of cryptocurrency legislation in the US is continuing despite the summer recess, with both banks and the industry itself lobbying heavily in senators’ home states ahead of a vote next week, Reuters has reported.
The landmark Clarity Act, which the crypto industry says will provide solid legal footing for companies in the sector, has already been the focus of hundreds of millions of dollars of spending. The bill was due to be debated in August, but the Senate opted to delay the vote for a month, reducing the chances of it coming into force ahead of November’s midterm elections.
The vote will now take place on 15 September, but Reuters reported that analysts believe its chances are slim due to fears from Democrats and some Republicans that it could destabilise the country’s banking sector.
This has not stopped crypto companies from attempting to sway votes. Major players in the industry have deployed op-eds, letter writing drives and in-person rallies in the home states of senators since the summer recess began on 8 August.
Speaking to Reuters, Mason Lynaugh, executive director of Stand With Crypto, an advocacy group backed by crypto company Coinbase said: “Our strategy during recess is [...] about demonstrating the presence and enthusiasm of our community, in every state and every congressional district.”
The campaign boasts over three million supporters among both everyday Americans and tech entrepreneurs. Some of these people have placed opinion pieces in local newspapers in states including Oklahoma, Kentucky and Kansas, and the group has held events in several states such as Iowa and Michigan, Reuters said.
In Georgia, regional chapter president for Stand With Crypto Tia Williams told the newswire she has met with staff in the field office of senator Raphael Warnock, a Georgia Democrat, to discuss the bill during recess.
Warnock previously voted against advancing the Clarity Act. His office did not respond to a request for comment by Reuters.
“One of the takeaways that I've learned from him and his staff is they're very knowledgeable of this space [...] but they also want to make sure that the everyday American is protected,” Williams told the agency.
The bill, which would establish a regulatory framework for digital assets, is seen as a “once-in-a-generation” opportunity for the industry, according to the newswire, but one with a clear time limit. The Democrats are poised to retake the House of Representatives after the midterm elections, polling suggests, making its passage after that point unlikely.












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