Clarity Act Fails Without Democrat Concessions, Lummis Warns

Republican lawmakers are working to pass the Clarity Act, a bill that aims to clarify the regulatory framework for digital assets in the US. The bill has been stalled in the Senate for over a year and is seen as crucial for the industry's growth.

Cynthia Lummis, a pro-crypto Republican senator, has been instrumental in pushing the bill forward. She has accused Democrats of delaying the legislation and has warned that if it doesn't pass next week, 'we will not have another realistic opportunity before this decade ends.'

The Clarity Act would draw boundaries for digital assets, defining which count as securities falling under the Securities and Exchange Commission, which count as commodities overseen by the Commodity Futures Trading Commission, and treating stablecoins as a separate category.