Crypto
Home›Crypto›Regulation›Lummis says ethics dispute will keep Crypto Clarity Ac…
Lummis says ethics dispute will keep Crypto Clarity Act under debate
The updated Senate draft, released Wednesday, folds committee bills together, but government conflict-of-interest limits and illicit finance provisions are still expected to be discussed through the weekend.
U.S. Senator Cynthia Lummis, one of the lead negotiators of the Senate Digital Asset Market Clarity Act, said the bill’s government-ethics section remains a key sticking point and is likely to be debated through the weekend, along with several other open issues. According to CoinDesk, Lummis described the updated bill text as a step toward the version the Senate will vote on, but said it is not expected to be final.
Lummis said the ethics provision has been the most important component awaited by the industry and lawmakers, and that Republican negotiators had a “red line” on allowing state attorneys general to bring criminal or private cases under the act’s ethics requirements. She noted the impasse has centered on concerns that senators and other covered parties could be sued by a different state attorney general.
CoinDesk also reported that Lummis released the updated language earlier Wednesday, merging bills passed by the Senate Banking and Agriculture Committees into one longer measure. She said conflict-of-interest limits for government officials’ crypto involvement will continue to be discussed through the weekend, and that some illicit finance provisions may also see further revisions.
Lummis added that multiple Senate committees, including Judiciary, Ethics and Intelligence, contributed input to the draft despite a difficult process, and she said the goal now is to circulate a fully integrated bill for feedback from the industry that will be regulated. CoinDesk reported that a group of Democrats opposed the bill as-is earlier Wednesday, underscoring that changes may still be ahead before passage.