Crypto investment firm Digital Currency Group is the latest big name to throw its weight behind the Clarity Act.
In a statement posted Wednesday, the conglomerate said that the current draft of the long-awaited bill “offers exactly the kind of certainty our industry needs to grow and thrive responsibly.”
A number of lawmakers are hoping the Clarity Act — which would set in stone crypto regulation in the U.S. — gets passed before Congress departs for August recess. While the bill has been drafted bipartisanly, some Democrats are unhappy with the current version.
“The bill is the product of serious negotiation and reflects genuine compromise from industry, advocates, and members on both sides of the aisle,” the statement read.
“The competitive stakes could not be higher. The United States has long been the global center of technological innovation, but we are ceding ground at an alarming pace,” it continued, adding that “talent, capital, and innovative companies” are looking to countries like Singapore and the United Arab Emirates to set up shop.
Crypto giant DCG has over 200 companies in its portfolio, most notably Grayscale, the manager of the Grayscale Bitcoin Trust.
Lawmakers have been working on the Clarity Act since last year. Republicans passed the bill in 2025 but it has been in a deadlock this year, partially because banking chiefs raised concerns over stablecoin yield.
A new draft circulating last week bans officials and their families from issuing or promoting crypto — something opposition lawmakers previously had issue with.
GOP lawmakers are pushing Democrats to pass the bill. Bipartisan support for the bill exists though some lawmakers — such as senator Elizabeth Warren — have criticized the draft, claiming it would allow President Donald Trump to make money from crypto, as well as benefit criminals.
A group of Democrats last week penned a statement claiming the bill in its current form falls short.
Major institutions, including Fidelity and Goldman Sachs, as well as crypto lobby groups and politicians, have said the revised bill works in its current format.