To ensure permanent economic innovation, we must pass the Clarity Act now

Rep. Shri Thanedar, a Democratic congressman from Michigan, called on the Senate to advance the Clarity Act as a way to establish a stable, transparent regulatory framework for digital assets. He argued that blockchain-based technologies offer broader financial inclusion—particularly in places such as Detroit, where he says roughly one-quarter of residents are unbanked or underbanked—and that clearer rules would let more entrepreneurs build services in the United States. Thanedar said the current regulatory environment produces uncertainty that hinders domestic innovation and drives trading activity overseas; the column cites a claim that roughly 90% of cryptocurrency trading volume takes place offshore. He framed the Clarity Act as a congressional solution that would reduce reliance on agency rulemaking, noting that the Commodity Futures Trading Commission has lost about a quarter of its staff since President Trump assumed office. The congressman noted the bill already cleared the House by a 294-134 vote more than a year ago and said the Senate will have an opportunity next week to move the measure into debate and the amendment process if at least 60 senators back it. He acknowledged objections from some Democrats about the measure’s lack of new ethics restrictions related to President Trump’s ability to hold or trade crypto, but argued those concerns should not prevent establishing longer-lasting industry rules. Thanedar warned that without congressional action, agencies such as the CFTC and the SEC would continue to set rules through their own processes, which he said could leave the industry exposed to future reversals if a different administration takes power. He concluded by urging 60 senators to prioritize innovation and pass the Clarity Act to provide what he called critical relief for the digital asset sector.