Bitcoin Magazine

Top Crypto Industry Groups Pen Letter to Senate Leaders Urging Them To Support the Clarity Act

Top crypto advocacy groups the Crypto Council for Innovation, Blockchain Association, and the Digital Chamber have said in a letter that they support the latest draft of the Clarity Act. 

In a letter Friday, the trade associations said that passing the bill is necessary to establish the “first comprehensive federal consumer protection framework for digital asset markets” as more Americans begin to use and invest in crypto. 

U.S. lawmakers are currently mulling over the latest draft of the Clarity Act — a crypto market structure bill aims to set in stone digital asset regulation. The latest draft bans officials and their families from issuing or promoting crypto. 

“Nearly 67 million Americans, about one in four, already own digital assets, and recent research demonstrates that this trend is only growing,” the letter said. 

“This is a crucial opportunity for the Senate to improve upon the status quo by establishing durable rules for digital assets that protect consumers, safeguard markets, and ensure that innovation can thrive in the United States,” it added. 

JUST IN: The Digital Chamber, CCI, and Blockchain Association send letter to Senate Leaders urging them to pass the Clarity Act:

"For the United States to maintain its position as the global leader of financial innovation, there is no substitute for the long-term certainty of… pic.twitter.com/2JFqqgKfip

— Bitcoin Magazine (@BitcoinMagazine) July 24, 2026

Banking representatives, regulators and crypto industry leaders have been meeting at the White House to work on the Clarity Act since last year. 

The bill was passed by the House of Representatives but has been in deadlock after banking chiefs raised concerns over stablecoins and the yield they would potentially pay customers. 

America’s biggest crypto exchange, Coinbase, pulled support for the bill in January after clashing with banking chiefs who said that earning yield on stablecoins should be banned. 

U.S. banks have said they could lose customers if crypto exchanges offer more attractive products for their deposit base. 

Latest Clarity Bill 

A new bill has been circulating this week and it is expected it will head to floor vote. 

On Thursday, Goldman Sachs chairman and CEO David Solomon became one of the first big bankers to throw his support behind the bill. 

The latest draft bans officials and their families from issuing or promoting crypto — a sore point for Democratic politicians who have argued that President Donald Trump’s family has unfairly benefited from crypto ventures.

“These improvements reflect engagement with policymakers across both parties and demonstrate that a well-crafted market structure framework can promote innovation while also bolstering national security,” the letter by the trade associations added. 

This post Top Crypto Industry Groups Pen Letter to Senate Leaders Urging Them To Support the Clarity Act first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

Russia Moves to Rein In Crypto Fraud With New Legislation

Russia is pushing ahead with regulating the cryptocurrency market, with the State Duma considering a bill on combating fraud in the industry, according to reports. 

The bill will look at “combating the illegal use of cryptocurrencies within our country,” Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, reportedly said.

Lawmakers will vote on the bill in its second and third readings this week, according to Russia’s Tass news agency, and will also work to provide “an opportunity for those who use cryptocurrencies for international transactions to do so within the legal framework.”

Using crypto has been illegal in Russia as a form of payment since 2022 but lawmakers in the country have been open about using them for international settlements.

President Vladimir Putin has also previously spoken about mining digital assets, and admitted back in 2022 that the country had “certain competitive advantages” in the sector thanks to its surplus of energy and cold climate.  

Last year, the president signed a law allowing cryptocurrency mining in the country, allowing legal entities to mine if they have been approved by the digital ministry. Foreign operations are currently banned from doing business in the country.

Back in 2023, the Russian legislature passed a bill legalizing the use of digital currency as a way to make international payments. The bill likely has helped the country skirt international sanctions: The U.S. and European governments sanctioned Russia when it annexed Crimea in 2014, and Western nations have stepped up penalties since it invaded Ukraine in 2022.

Top Russian banks are planning to launch crypto trading services when new regulations take hold in the country. Lawmakers have said that investors will have to pass a test to start crypto investing and will be limited on the amount they can buy. 

Pro-Bitcoin Putin?

BREAKING: Russian President Putin says "Who can ban #Bitcoin? Nobody." pic.twitter.com/6mJ664BZZ8

— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024

Russia has long had a complex history with regulating cryptocurrencies but Putin has previously praised Bitcoin. 

While speaking at a forum in Moscow in December 2024, the leader of Russia was talking about the dominance of the dollar and other payment methods when he highlighted that new technologies were emerging that could help people move money. 

“For example, Bitcoin, who can ban it? Nobody,” he said at the time. “And who can prohibit the use of other electronic payment instruments? Nobody, because these are new technologies.” 

This post Russia Moves to Rein In Crypto Fraud With New Legislation first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.