CTA urges the U.S. Senate to expedite the vote on the CLARITY Act

According to Odaily, the industry organization Consumer Technology Association (CTA), representing more than 1,300 technology companies, has urged the US Senate to advance the CLARITY Act and establish clear federal rules for digital assets. On July 28, Michael Petricone, CTA’s Senior Vice President of Government Affairs, stated on X that the House of Representatives has completed its related work, and now the Senate must decide whether fintech innovation develops in the US or overseas.

CTA stated that regulatory certainty will promote investment, strengthen consumer protection, expand innovation, and reinforce the US position in blockchain technology. The organization said businesses need clear federal rules for digital assets before investing long-term capital and developing new financial products.

US Senator Cynthia Lummis has released a revised CLARITY Act text, which consolidates work from both the Senate Banking Committee and the Agriculture Committee, covering topics such as market oversight, consumer protection, and the division of digital asset regulatory authority. Senator Elizabeth Warren noted that the revised text still fails to address significant conflicts of interest.

The bill remains stalled in the Senate, with legislators continuing to negotiate unresolved provisions. Stablecoin rewards are also a central issue; more than 130 banking executives are urging lawmakers to prevent payment stablecoins from operating in a similar way to interest-bearing accounts.