NBCI presses Senate to pass Clarity Act before August recess

The National Black Church Initiative is urging the Senate to approve the Clarity Act before lawmakers leave for August recess, arguing the bill would curb digital asset fraud and open more economic opportunities for Black communities. NBCI says clearer federal rules are needed now to protect consumers and support responsible innovation.

Why it matters: - NBCI says African American families are losing money to digital asset frauds and need stronger federal protection. - The group argues clear rules could also expand access to financial services, entrepreneurship, ownership and investment for communities historically shut out of traditional finance. - NBCI says the Black Church can help educate 27.7 million members on fraud prevention and sound financial decisions.

What happened: - The National Black Church Initiative called on the U.S. Senate to pass the Clarity Act before the August recess. - NBCI sent a letter to Senate Majority Leader John Thune and Senate Minority Leader Charles Schumer urging immediate action. - Rev. Anthony Evans, NBCI president, said Congress should act now to avoid leaving consumers unprotected in the digital asset market.

The details: - NBCI describes itself as a coalition of 150,000 African American and Latino faith communities representing 27.7 million members. - The Clarity Act would establish federal oversight of digital asset markets. - The bill would require companies to keep customer assets protected rather than commingled or misused. - The measure would set consistent standards and disclosure requirements. - The bill would give regulators and law enforcement clear authority to pursue misconduct. - NBCI says the absence of a clear federal regulator leaves consumers uncertain about where to turn after fraud. - NBCI says bad actors can exploit legal gaps and target communities with less access to trusted financial services. - Rev. Evans said, "The Black Church cannot afford to be late to the future of finance, and we cannot allow our people to enter that future unprotected." - Rev. Evans also said, "Regulatory uncertainty does not protect anybody but the wrongdoer." - Rev. Evans said, "The measure of this law will not be the capital it attracts. It will be the families it keeps whole."

Between the lines: - NBCI is framing the Clarity Act as both a consumer-protection bill and an economic-inclusion measure. - The push also positions Black churches as a potential implementation partner for federal regulators. - NBCI says no government agency has the trust, reach and moral standing of the Black Church in these communities. - Rev. Evans said, "Give us the rules, give us a seat at the table, and the Black Church will do the rest."

What's next: - NBCI wants the Senate to act before lawmakers leave for August recess. - NBCI is urging federal regulators to work directly with Black churches once the law is implemented. - The group says it wants churches involved in teaching members how to recognize fraud and make financial decisions. - NBCI says it will continue pushing Congress for clear digital asset rules that protect consumers while supporting responsible innovation.

The bottom line: - NBCI wants Congress to move quickly on digital asset regulation, arguing the cost of delay is paid by families hit by fraud and left without clear protections.