Crypto, banks take lobbying war to US senators' home states ahead of key vote

A cryptocurrency and banking industry lobbying campaign is intensifying ahead of a crucial vote on major crypto legislation in the U.S. Senate. The industry has poured hundreds of millions into the Clarity Act, which proponents say would provide legal clarity for crypto companies. However, Democrats and some Republicans warn the bill lacks adequate safeguards and could destabilize the banking system, casting doubt on its chances of passing.

During the current congressional recess, crypto advocates and banking groups have been deploying op-eds, letter-writing drives, and in-person events in senators' home states to rally support. The crypto industry claims this strategy demonstrates its widespread grassroots backing, while banking groups argue the bill's provisions could threaten bank deposits and lending.