Stand with Crypto joins over 60 other groups in urging US lawmakers to back sweeping crypto legislation

Crypto advocacy group Stand With Crypto, which played a significant role in last year's elections in the U.S., is now pushing House lawmakers to support a sweeping market structure bill. 

In a letter sent to members of the U.S. House of Representatives on Monday, the organization urged Congress to support the Digital Asset Market Clarity Act, or Clarity. 

"We cannot afford to let inaction and uncertainty jeopardize our ability to secure America’s economic future," they said in the letter. "Above all else the U.S. crypto industry needs market structure — which ensures there are clear rules of the road and provides the regulatory clarity that developers, users, and advocates need to continue innovating."

The letter was signed by over 65 organizations, including Mysten Labs, Archetype, and OpenSea. Stand With Crypto, an organization supported by Coinbase, maintains a scorecard tracking lawmakers’ positions on crypto. The organization has also begun backing specific lawmakers, including Reps. Tom Emmer, R-Minn., and Ritchie Torres, D-N.Y., according to reporting from Semafor.

The Clarity Act would establish a clear regulatory framework for crypto, in part, by designating how the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission will regulate. The bill also requires digital asset firms to provide retail financial disclosures and segregate corporate and customer funds. That bill, along with two others, is scheduled to be considered next week. 

The Senate, meanwhile, is working on its version. Republican Senate Banking Committee Chair Tim Scott and Sen. Cynthia Lummis released principles last month that will "guide discussion and negotiations" for such a bill. That committee will also hold a hearing on Wednesday to discuss digital assets. Lawmakers are seemingly working quickly to pass a larger crypto bill in order to get it done by an end of September deadline. 

Trump tensions

However, passage of a crypto market structure bill will also have to contend with concerns around President Donald Trump's involvement with digital assets, according to Stand With Crypto, which alluded to potential conflicts in its letter.  Bloomberg estimates the sitting president has profited some $620 million from his family's crypto ventures, including the World Liberty Financial DeFi and stablecoin project and the TRUMP and MELANIA memecoin launches.

Lawmakers are also looking to quickly get a stablecoin bill on Trump's desk, which was passed out of the Senate last month. 

"Many of the hardest fights from the stable coin legislation were punted to the market structure bill," investment bank TD Cowen's Jaret Seiberg said in a note on Monday. "That creates risk as Democrats will push for restrictions on the Trump family's crypto endeavors. Republicans will have to find a way to keep Trump on board while giving Democrats at least some political cover."

"We know that there have been efforts to politicize crypto legislation, but with crypto drastically reshaping the global economy the U.S. risks falling behind unless we adopt pro-crypto policies that fully embrace blockchain technology," they said.