Lummis: The CLARITY Act mechanism "is not working" as the Senate drags its feet
U.S. Senator Cynthia Lummis has argued that the current regulatory framework for digital assets is inadequate, harming industry, investors, and regulators alike. She is urgently pushing for the Senate to pass the Digital Asset Market Clarity Act (H.R. 3633/CLARITY Act) before the August recess, warning the current momentum for the bill is a unique opportunity this decade. The legislation aims to divide oversight between the SEC and CFTC.
Time is running out, as the Senate must act before its August 8th recess. Delays would push the debate to September, further squeezing the legislative calendar before the midterm elections. Forecasting platforms now estimate only a 30% chance of the bill becoming law in 2026, a sharp drop from over 80% in February. Passage requires 60 votes, meaning at least seven Democrats must join Republicans, a task complicated by Democratic opposition.
Key objections from figures like Senator Elizabeth Warren center on concerns the bill could weaken oversight of decentralized finance (DeFi) and consumer protection, potentially endangering the financial system. Over 200 crypto industry organizations, including Coinbase and Ripple, are lobbying for a vote, arguing continued uncertainty drives innovation and jobs overseas.
Lummis contends the bill's custody and disclosure rules are precisely the consumer protections needed to close existing loopholes. The bill's fate now hinges on whether Senate Majority Leader John Thune schedules a vote this week or delays it until the fall session, where it would face an even more constrained political environment.
cryptonews.ru07/31 11:56