The push to regulate cryptocurrencies in the US got another boost as the Digital Chamber called on the Senate Banking Committee to make progress on the CLARITY Act. In a letter, the trade association urged the committee to move the cryptocurrency bill to the tokenization stage.
Senate Banking Committee receives letter to speed up CLARITY Act tokenization
the letter Board Chairman Tim Scott and Ranking Member Elizabeth Warren urged action “as soon as the calendar allows.” The statement signed by CEO Cody Carbone highlighted the urgency of the matter.
“It has been more than 270 days since the House passed the CLARITY Act with strong bipartisan support,” she stated. The Digital Chamber also said lawmakers are already more than halfway through the 119th Congress.
This means that there is a shortage of time to work. earlier, CLARITY Act missed the mark the week of April 20 table. Now, he faces a tougher deadline the week of April 27. Also, if the bill is not introduced before the May 21 recess, it could delay progress indefinitely.
However, the organization expressed appreciation for the extensive work done by the Senate Banking Committee on the CLARITY Act. She is also grateful for the Committee’s willingness to consult with industry stakeholders. At the same time, she claimed that moving to tokenization is “the clearest way to move this work to the next stage of the legislative process.”
The message also highlighted the scale of adoption of digital assets. He noted that additional progress on the bill is critical to providing clarity to the more than 70 million Americans who have adopted digital assets.
In a post on X, Taylor Barr, director of government affairs at the Digital Chamber, wrote: “Clarity cannot wait.” However, he acknowledged that the Clarity Act still needs some input. “There is still work to do, but that work can and should continue as the legislative process moves forward,” Barr said.
What is the reason for the delay?
The CLARITY Act delay comes as banks and crypto entities fail to reach a conclusion on the stablecoin yield debate. Although efforts have been made to reach a compromise, it has not yet been achieved.
newly, Senator Thom Tillis even urged it To postpone the Senate tokenization to May 2026. He noted that this period will be necessary for banks and cryptocurrency companies to negotiate the issue of stablecoin rewards.
Moreover, Telles also delayed the stablecoin return draftWhich was scheduled to be released last week. additional, Banking groups have raised new concerns regarding the stablecoin provision last week, which also played a role in delaying the CLARITY Act tokenization.
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