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BTC 
ETH Crypto advocates and community banks are lobbying fiercely on the Clarity Act to win Senate support
On the eve of a key vote, crypto industry advocates and traditional community banks are extending the game over the Clarity Act to senators 'home states. The U.S. Senate is scheduled to hold a procedural vote on the bill on September 15. The legislation aims to establish federal regulatory rules for digital assets and divide regulatory powers between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Both sides acted intensively and lobbying was unprecedented.
According to Reuters, during the August recess, both parties exerted influence on senators through meetings, local events, editorials, phone calls, emails and advertising. Take the Coinbase-backed advocacy group Stand With Crypto as an example, which claims to have 3 million supporters and organized nearly 50,000 phone or email contacts to Congress during August, while also publishing opinion articles in local newspapers supporting the Clarity Act.
In Georgia, Tia Williams, chairman of the group's chapter, met with the staff of Democratic Senator Raphael Warnock. Warnock had previously opposed moving the bill from the Senate Banking Committee to a full vote.
It is worth noting that the crypto industry has invested at least $190 million in lobbying ahead of the November midterm elections. The Blockchain Association launched its Clarity for America project in July to help individuals and businesses express support for the bill to senators.
Community Banks Fight Back: Concerned that stablecoin gains will corrode traditional banking business
Although the crypto industry is actively promoting regulatory regulations that are beneficial to itself, community banks have also launched a strong counter-movement. The Independent Community Bankers Association of America (ICBA) organized meetings between local bankers and senators from their home states and ran television ads calling for changes to the bill.
Rebecca Romero Rainey, ICBA President and CEO, said in a statement: "The new ICBA poll shows that small businesses recognize first-hand the critical role of community banks in supporting local economies and want to ensure that the Clarification Act does not harm this vital source of credit." She continues to urge lawmakers to include a strict ban on stablecoin gains in the bill to ensure that community banks can continue to provide a total of $4.1 trillion in credit support to local communities across the country.
Core controversy focuses on stablecoin rewards and compliance details
At present, the biggest point of disagreement between the two sides lies in the stablecoin reward mechanism. Banking groups believe that allowing crypto platforms to pay rewards to stablecoins could attract deposits to traditional banks, weakening their competitiveness. Crypto companies advocate retaining stablecoin rewards and call for clearer federal rules for the industry to operate in the United States.
In addition, the bill also faces opposition from all parties due to ethical issues such as money laundering prevention measures and restrictions on government officials holding crypto assets.
