Key Highlights
- The crypto industry failed to secure Senate passage of the Clarity Act, but the legislation advanced farther than any previous crypto bill.
- Industry advocates say bipartisan agreements reached during the Clarity negotiations could support a future legislative effort.
- Crypto lobbying is continuing as the SEC and CFTC develop new policy and regulatory proposals.
Crypto Industry Looks Beyond Senate Clarity Act Setback
The crypto industry’s lobbying campaign has not produced a new federal crypto law, but its efforts are not being treated as an all-or-nothing proposition. The U.S. Senate did not pass the Clarity Act, and even the most optimistic industry participants are uncertain whether lawmakers will have another opportunity during the brief, end-of-year lame-duck session.
Despite the setback, the legislation advanced farther than any previous crypto bill. That progress could give future legislative efforts a foundation, particularly because negotiations produced areas of hard-fought bipartisan agreement. The process also gave more lawmakers the opportunity to develop knowledge of crypto policy than they had a year earlier.
Lobbying Shifts to U.S. Crypto Regulators
The lobbying workload is continuing as U.S. market regulators pursue additional crypto policy initiatives, including proposals for complex new regulations. Crypto lobbyists are engaging with regulatory agencies in much the same way they participated in meetings with Senate offices during the Clarity Act negotiations.
Fraser of the Blockchain Association said the organization is reassessing its priorities after the Senate vote and plans to increase its engagement with the Securities and Exchange Commission and the Commodity Futures Trading Commission. “Following this month’s Senate vote on Clarity, we’re taking stock of where things stand and making sure our time and resources line up with our members’ priorities,” said Blockchain Association’s Fraser, and a component of that will be “deepening our work with the SEC and CFTC.”
Crypto Policy Effort Expected to Continue
The industry’s approach reflects the long-term nature of policymaking in Washington. Coinbase’s Krieger described the process as an extended campaign rather than a single legislative push, saying, “Washington is a long game.”
Why This Matters
The Clarity Act’s failure to pass the Senate does not end the crypto industry’s policy campaign. The bill’s progress and the bipartisan agreements reached during negotiations may influence a future attempt, while the industry’s work with the SEC and CFTC remains important as regulators consider new crypto rules. The timing of any renewed congressional effort remains uncertain, particularly because the available lame-duck period is brief.
Frequently Asked Questions
Did the U.S. Senate pass the Clarity Act?
No. The crypto industry failed to persuade the U.S. Senate to pass the Clarity Act.
Why does the crypto industry view the Clarity Act effort as progress?
The legislation advanced farther than any previous crypto bill and produced some bipartisan agreements that could help support a future legislative effort.
What are crypto lobbyists focusing on now?
Crypto lobbyists are continuing their work with U.S. regulators, including the SEC and CFTC, as those agencies pursue crypto policy initiatives and propose new regulations.