Cody Carbone, CEO of The Digital Chamber, told the Senate Banking Committee on Tuesday that passing the CLARITY Act is essential to reduce financial friction that disproportionately hits lower-income households.
In written testimony, Carbone argued the market-structure bill – formally the Clarity for Digital Assets and Transactions Act – would create a clear federal framework for digital assets, replacing the current patchwork of state rules and conflicting agency guidance. He said that uncertainty forces crypto companies to spend heavily on compliance, driving up costs that get passed to end users.
"For lower-income households, every dollar of unnecessary friction matters," Carbone said. "The CLARITY Act would streamline oversight, reduce duplication, and let innovation serve the people who need it most."
The bill has bipartisan support but has stalled in the Senate. Tuesday's hearing marks the latest push to secure a floor vote before the August recess. Industry observers say the legislation could unlock significant retail participation by clarifying which agency regulates which activity – a question that has dogged the sector for years.
The hearing also featured testimony from regulators and industry critics, but Carbone's focus on consumer costs appeared to resonate with several committee members. Critics worry the bill may still leave gaps around stablecoins and decentralized finance. Yet Carbone framed the vote as a straightforward choice: pass the CLARITY Act now or keep the current system that he says costs Americans billions in hidden fees and lost opportunity.
The Digital Chamber plans to continue lobbying senators ahead of the July 4 break. Traders should watch for any schedule changes on the Senate calendar that could indicator a vote in the coming weeks. A favorable outcome would remove a major overhang for the crypto market; further delays would extend the regulatory limbo that has kept many institutional investors on the sidelines.
Digital Chamber urges Senate to pass CLARITY Act to ease crypto costs for low-income users
Cody Carbone, CEO of The Digital Chamber, told the Senate the CLARITY Act would create clear federal rules for digital assets, reducing compliance costs for companies that often get passed to users. This change aims to lower financial burdens on lower-income households and encourage wider participation in digital assets.