Senator Cynthia Lummis said Democrats had previously pushed to require crypto projects that raise more than $25 million from the public to provide audited financial statements, and that the provision was written into the CLARITY Act. She also said Democrats later voted against advancing the bill. Earlier, on Sept. 15, the Senate held a procedural vote on moving the CLARITY Act forward, but the measure did not pass. The remarks frame the audit threshold as part of the bill’s earlier requirements while highlighting the failed effort to advance it in the Senate.
According to Odaily, Cynthia Lummis said Democrats had previously required crypto projects raising more than $25 million from the public to provide audited financial statements, and that the requirement had been written into the CLARITY Act.
Lummis said Democrats ultimately voted against advancing the bill. Earlier, on Sept. 15, the Senate held a procedural vote to move the CLARITY Act forward, but it did not pass.
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