Block Sends Letter to U.S. Senate, Urging Passage of the Clarity Act

Billionaire Jack Dorsey's Block has sent a letter to the U.S. Senate urging the passage of the Digital Asset Market Clarity Act (Clarity Act).

The bill passed the House in July 2025 with a vote of 294-134 and was advanced by the Senate Banking Committee in May 2026 with a vote of 15-9, but was shelved in July due to a crowded agenda, with a re-evaluation expected in the fall.

Funds are shifting from regulatory uncertainty to a clear framework, benefiting crypto exchanges and payment companies. Traditional financial institutions are pressured by compliance costs but will benefit from regulatory clarity in the long run.

The Clarity Act classifies digital assets as "securities" (regulated by the SEC) and "digital commodities" (regulated by the CFTC), exempting digital commodities on mature blockchains from SEC registration requirements.

Source: Public Information