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

The cryptocurrency industry and banking sector are intensifying their lobbying efforts in senators' home states ahead of a crucial vote on the Clarity Act. The bill, which aims to provide legal clarity for crypto companies, has garnered significant support from the industry, which has invested millions of dollars in campaign activities.

However, Democrats and some Republicans have voiced concerns that the bill lacks adequate safeguards and could destabilize the banking system. During the congressional summer recess, both parties have been actively engaging with senators through op-ed pieces, letter-writing drives, and in-person events to secure their support. While crypto companies view the bill as essential for the industry's growth and American dominance, banking groups argue that it could allow digital tokens to compete with bank deposits, potentially harming lending.