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Lummis says Clarity Act can pass next week with further Democratic compromise
The Senate will hold a procedural cloture vote on the crypto market structure bill next week after the August timeline slipped, and Lummis tied the delay to Democrats seeking compromise rather than White House involvement.
Pro-crypto Sen. Cynthia Lummis said the U.S. crypto Clarity Act can still pass when the Senate returns next week, but only if Democrats agree to further compromise, according to Bitcoin Magazine.
Lummis also criticized Democrats for what she described as failure to join Republicans on a bipartisan approach she says would protect consumers, support U.S. leadership in digital assets, and give law enforcement tools to curb illicit finance.
The Clarity Act is designed to set a framework that splits oversight between regulators and distinguishes which digital assets are securities, commodities, or stablecoins. The measure passed the House last July, but it has been stalled this year, with one sticking point involving disagreement between the banking lobby and crypto companies over paying customers stablecoin yield.
Bitcoin Magazine reports that a new ethics draft circulated in July, banning government officials from promoting or profiting from crypto, a point Democrats criticized as related to the Trump family. Lummis said that if the bill fails, it would not be because of ethics, but because Democrats did not bridge the gaps she cited.
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