Carbone Takes the Case to Capitol Hill Digital Chamber CEO Cody Carbone appeared before the Senate Banking Committee on Tuesday, arguing that the Digital Asset Market Clarity Act would meanin
Digital Chamber CEO Cody Carbone appeared before the Senate Banking Committee on Tuesday, arguing that the Digital Asset Market Clarity Act would meaningfully reduce costs for remittances, payments, and asset transfers. The testimony came as the crypto industry intensifies its lobbying push to get the bill to a Senate floor vote before Congress breaks for summer.
Carbone grounded his argument in hard data. He cited Federal Reserve figures showing that 37% of American adults cannot cover a $400 emergency expense, pointing to a broader financial fragility that better payment infrastructure could help address. On cross-border transfers, he leaned on World Bank data: globally, sending remittances costs an average of 6.36% of the amount sent. That figure is more than double the 3% international target set under the UN Sustainable Development Goals and the G20, which call for a global average of 3% to be reached by 2030. Carbone argued that blockchain-based payment rails could significantly close that gap for the millions of lower-income households that depend on cross-border transfers.
The Senate Banking Committee previously advanced the Clarity Act with a 15-9 bipartisan vote, moving it to the next steps in the legislative process. However, the path to a full Senate floor vote remains complicated. The bill is coming down to the wire, with at least four major issues still unresolved, including a politically sensitive ethics provision relating to President Donald Trump's crypto ties.
The market structure legislation has roughly five weeks to secure approval before Congress breaks for summer recess, which leads into the height of the midterm election season. The bill would also need 60 votes in the Senate, where Republicans hold 53 seats, meaning at least seven Democrats would need to support it.
Despite the hurdles, Carbone remains publicly optimistic. "The reason I'm optimistic is because every single senator and stakeholder that cares about this, including industry groups like the Digital Chamber, remain committed and remain at the table," he told CoinDesk. His group has also organised a fly-in event bringing around 50 members from firms including Hyperliquid, Elliptic, and Anchorage Digital to as many as 30 lawmakers' offices to make the case directly.
Tuesday's testimony underscores that the industry's argument is shifting beyond market structure alone. By framing the bill as a tool for financial inclusion and lower transfer costs, proponents are trying to build a broader coalition of support ahead of what could be a defining vote for US crypto policy this year.
SourcesCoinDesk: In Clarity Act's Final Weeks, Its Path Through US Senate Not Getting Much ClearerWorld Bank: Remittance Prices WorldwideCoinDesk: Clarity Act Clears US Senate Committee
