Lummis presses Senate to advance CLARITY Act on digital assets
Regulation & Gov ·
Senator Cynthia Lummis says the Senate should move now to pass the CLARITY Act, calling the existing digital asset rulebook inadequate for industry participants, consumers and law enforcement alike.
Lummis's push lands as the bill's fate remains tied up in Washington negotiations. Treasury Secretary Bessent has separately urged the Senate to bring the measure to a vote, while the SEC has signaled it is prepared to write its own crypto market-structure rules if lawmakers fail to act. That warning underscores the stakes Lummis is pointing to: without a statute, regulators could set the terms unilaterally rather than through legislation crafted with industry and lawmaker input.
The bill itself is still working through several stages before any floor vote. It faces a critical White House review alongside ongoing Senate negotiations, with lawmakers from both parties reportedly trying to shape a version that can draw bipartisan support. That process has run into resistance from the banking industry, adding another layer of friction to talks expected to continue in the coming week.
Timing adds pressure to the debate. The Senate is preparing for its summer recess, narrowing the window for action even as the CLARITY Act draws growing backing from crypto industry groups. Four distinct sources have covered developments around the bill in recent days, pointing to sustained attention on whether Congress can finalize a framework before lawmakers leave Washington.
Lummis's argument is that the absence of clear statutory rules leaves gaps on multiple fronts — not just for companies seeking regulatory certainty, but for consumers lacking defined protections and for law enforcement working without settled definitions of how digital assets should be classified and overseen. Her call frames Senate passage as the mechanism to close those gaps, rather than leaving classification and enforcement questions to agency rulemaking.
What remains unresolved is whether the bill can clear the White House review and reconcile the competing priorities raised in Senate negotiations before recess arrives. It is also unclear whether banking industry objections will be addressed through amendments