By Exec Edge Editorial Staff
Blockchain.com CEO Peter Smith has characterized the pending CLARITY Act as the most consequential crypto legislation since he entered the industry more than 13 years ago, calling on Congress to pass the bill ahead of midterm elections to unlock investment and ensure U.S. dominance in digital asset markets.
Speaking in a recent interview, Smith emphasized the urgency of establishing clear regulatory frameworks for cryptocurrencies after years of uncertainty that have pushed some companies overseas. The Executive Chairman and CEO of Blockchain.com, which serves over 97 million wallets and 39 million verified users across 100countries, has been meeting with lawmakers on both sides of the aisle to advocate for the legislation.
Bipartisan Support With Key Sticking Points
The CLARITY Act, which received strong bipartisan backing in the House of Representatives, now faces consideration in the Senate. Peter Smith acknowledged concerns about potential partisan opposition but expressed optimism about the bill’s prospects.
“We’re hopeful and optimistic that enough Democrats in the Senate will support the bill,” Smith said. “The bill had really strong bipartisan support in the House, and so we think that that should continue, that trend should hold up in the Senate as well.”
When pressed on the primary concerns from Democratic lawmakers, Peter Smith pointed to stablecoin rewards as a major point of debate. He articulated Blockchain.com’s position clearly: “Americans should be able to earn rewards on American dollars. It’s sort of strange that someone in the UK would be able to earn rewards on American dollars, but an American citizen wouldn’t be able to.”
Despite disagreements on specific provisions, Smith emphasized taking a comprehensive view. “There’s no perfect bill. There’s going to be little provisions that maybe we don’t love, that maybe another industry player doesn’t love. But as a net, passing this bill in something close to its current shape is incredibly important for our industry and our country,” he explained.
What the CLARITY Act Could Unlock
According to Peter Smith, the legislation would address critical gaps that have hindered crypto adoption and development in the United States. The lack of clear regulatory frameworks has created an uneven playing field, with some companies choosing to relocate or limit their U.S. operations.
Smith outlined four key benefits the CLARITY Act would deliver:
“This is going to unlock better protection for consumers, which has been an issue in the past,” he said. “This is going to unlock fairer markets, which is really important to us. It’s going to unlock the ability to predict and plan, which means more investment in US companies and it means more jobs created in the US market. And the last thing is it will ensure US market dominance and financial services going into the future.”
Timeline and Next Steps
Peter Smith expressed confidence that passage remains possible in the first half of the year, though he stressed the need for swift action. “We have a small window of time to get CLARITY right but that window is closing. Further delay could be a death sentence for this bill and a major blow to the U.S. financial sector,” he said. “This isn’t a bill that we can just keep working on for another two years. There’s already a year and a half into this. It’s a good bill, it’s time to go ahead and get it into law and really do that on behalf of America.”
The CEO’s comments reflect growing impatience within the crypto industry after years of regulatory uncertainty. As one of the longest-serving CEOs in the digital asset space—having co-founded Blockchain.com in 2011—Smith has witnessed multiple market cycles and regulatory approaches. His characterization of the CLARITY Act as potentially the most transformative legislation in over a decade underscores the stakes for both the industry and policymakers.
With Blockchain.com’s platform handling roughly $1.2 billion in transactions, Peter Smith’s perspective carries weight among both lawmakers and industry participants navigating the path toward comprehensive crypto regulation in the United States.
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