CTA urges U.S. Senate to advance CLARITY Act vote promptly
2026-07-31 03:03
Odaily News: The Consumer Technology Association (CTA), an industry organization representing over 1,300 technology companies, is urging the U.S. Senate to advance the CLARITY Act and establish clear federal rules for digital assets. Michael Petricone, CTA's Senior Vice President of Government Affairs, said on X on July 28 that the House has completed its work, and the Senate now must decide whether financial technology innovation develops in the U.S. or overseas.
CTA stated that regulatory certainty would boost investment, strengthen consumer protections, expand innovation, and reinforce America's position in blockchain technology. The organization noted that companies need clear federal rules for digital assets before committing long-term capital and developing new financial products.
U.S. Senator Cynthia Lummis has released a revised version of the CLARITY Act text, incorporating work from the Senate Banking Committee and the Agriculture Committee, covering market oversight, consumer protections, and the allocation of regulatory authority over digital assets. Senator Elizabeth Warren stated that the revised text still fails to address significant conflicts of interest.
The bill remains stalled in the Senate as lawmakers negotiate unresolved provisions. Stablecoin rewards are also a point of contention, with more than 130 banking executives urging legislators to prevent payment stablecoins from operating in a manner similar to interest-bearing accounts.
CTA stated that regulatory certainty would boost investment, strengthen consumer protections, expand innovation, and reinforce America's position in blockchain technology. The organization noted that companies need clear federal rules for digital assets before committing long-term capital and developing new financial products.
U.S. Senator Cynthia Lummis has released a revised version of the CLARITY Act text, incorporating work from the Senate Banking Committee and the Agriculture Committee, covering market oversight, consumer protections, and the allocation of regulatory authority over digital assets. Senator Elizabeth Warren stated that the revised text still fails to address significant conflicts of interest.
The bill remains stalled in the Senate as lawmakers negotiate unresolved provisions. Stablecoin rewards are also a point of contention, with more than 130 banking executives urging legislators to prevent payment stablecoins from operating in a manner similar to interest-bearing accounts.
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