Republican Senator Cynthia Lummis said the Democratic Party would bear responsibility if the CLARITY Act fails to advance, arguing that Democrats have not joined Republicans in supporting the bipartisan bill. The U.S. Senate is scheduled to hold a procedural vote on the legislation next week. Lummis said Democrats have continued to seek changes and warned that their demands could leave future regulators able to stifle the crypto industry. She said the bill could pass if the two sides bridge their differences, but argued that Democrats must compromise further rather than seek concessions from the White House. The legislation would divide responsibilities among regulators and clarify whether digital assets fall under securities, commodities or stablecoin rules. The House passed the bill last July, after which it stalled over a dispute between banking lobby groups and crypto companies concerning customer yields on stablecoins. A draft circulated in July would bar government officials from promoting crypto or profiting from it. Democrats criticized the Trump family’s involvement in the sector and called for more changes.
Republican Senator Cynthia Lummis said Democrats would be responsible if the CLARITY Act fails, arguing that they have not joined Republicans in backing the bipartisan legislation. She said Democrats have continued to demand changes, which could allow future regulators to stifle the crypto industry. If the two sides bridge their differences, Lummis said, the bill can pass—but Democrats must compromise further rather than seek concessions from the White House. She also said that failure could leave the bill without a realistic chance of passage within this decade.
The U.S. Senate will hold a procedural vote on the bill next week. The legislation would define the responsibilities of regulators and clarify whether digital assets are securities, commodities or stablecoins. The House passed it last July, but it later stalled after banking lobby groups and crypto companies clashed over customer yields on stablecoins. A draft circulated in July would prohibit government officials from promoting crypto or profiting from it. Democrats criticized the Trump family’s involvement in the sector and sought additional revisions.
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