Block Inc. and the Solana Policy Institute (SPI) have sent separate letters to Senate leaders urging them to bring the CLARITY Act to the Senate floor for a vote. The bill aims to establish a clear federal regulatory framework for digital assets, replacing the current patchwork of state laws. Industry leaders, including Coinbase CEO Brian Armstrong and Senator Cynthia Lummis, have also voiced support for the legislation, which they say is necessary for U.S. leadership in financial innovation.
Block Inc., the financial technology company led by Jack Dorsey, has written to Senate Majority Leader John Thune and Minority Leader Chuck Schumer to plead for the CLARITY Act’s consideration. The letter, signed by Chief Legal Officer Chrysty Esperanza, describes the bill as an important step for a clear federal regulatory framework for digital assets.
“Durable market structure legislation is necessary to provide regulatory clarity for innovators, market participants, and consumers and to ensure the U.S. remains a global leader in financial innovation,” the letter as stated. The bill would replace the current patchwork of state regulations and create a national framework for consumer protection. It would also define when a digital asset is regulated as a security or a commodity.
The Solana Policy Institute (SPI) also wrote to Senator Schumer and Senator Thune on July 28, requesting the Act be brought to the floor before the August recess. The letter, signed by founder and CEO Miller Whitehouse-Levine and President Kristin Smith, argues the bipartisan bill is ready for final consideration after almost ten years of work.
“The Clarity Act delivers what the American crypto ecosystem needs,” SPI added. The institute noted that the U.S. led the world in blockchain developer growth in 2024, with the Solana ecosystem alone seeing an 84% year-over-year increase in developers. The letter argues that current financial regulations were created for traditional markets, while blockchain networks need updated rules for their decentralized systems.
Coinbase CEO Brian Armstrong and Senator Cynthia Lummis, the Act’s most outspoken supporter, have also publicly called for the bill’s approval.
