WASHINGTON, D.C. – Stand With Crypto, America’s leading crypto advocacy organization, today applauded the House Financial Services and Agriculture Committees for advancing critical pro-crypto legislation following their legislative markups of the Digital Asset Market Clarity (CLARITY) Act, and released the following statement:

“We thank House Financial Service Committee Chairman French Hill, House Agriculture Committee Chairman Chairman G.T. Thompson, and members of both committees for their leadership to enact necessary market structure legislation that would open doors for a more inclusive, transparent, and secure digital economy and create millions of jobs. The CLARITY Act takes an important step towards establishing a common-sense regulatory framework for digital assets in the U.S. that the 52 million crypto owners nationwide need. We urge congressional leaders to continue their swift action on this legislation to solidify America’s global leadership in the blockchain economy.”

The legislation advanced in both committees with an overwhelming majority of lawmakers voting in favor of the legislation — including a 47-6 vote in the Agriculture Committee and a 32-19 vote in the Financial Services Committee. 

If enacted, the CLARITY Act will ensure there are clear “rules of the road,” providing the regulatory clarity that developers, users, and advocates need to continue innovating. The current lack of a regulatory framework is already limiting innovation and hindering the U.S. crypto industry’s potential: The U.S. share of global blockchain developers has decreased by approximately 14% since 2018, dropping to 26% in 2023. This legislation will take a colossal step forward in solidifying America’s leadership in blockchain technology and the global digital economy. 

Stand With Crypto is harnessing its vast network of more than 2.2 million grassroots advocates to urge lawmakers to support the legislation. Over the past two years, Stand With Crypto has built a community-led movement to mobilize and harness the voice of America’s 52 million crypto owners into a powerful and unified voting bloc, championing clear, common-sense regulations for the crypto industry and unlocking crypto’s innovation potential while fostering greater economic opportunity and freedom.