Democrats Opposed CLARITY Act Over Customer Protections

Senator Cynthia Lummis (R-Wyo.) accused Democrats of opposing the CLARITY Act because they wanted customer disclosures related to crypto broker bankruptcies.

The Senate rejected cloture on the motion to proceed to H.R. 3633, the Digital Asset Market CLARITY Act, by a 49-50 vote on September 15, 2026.

Lummis has repeatedly highlighted customer-asset segregation and qualified-custodian requirements as provisions she supports in the context of crypto market regulation.

She stated that Democrats demanded disclosures to protect crypto customers in a broker bankruptcy, giving them the protection FTX customers never had, but voted against the CLARITY Act.

Lummis has made similar arguments since the collapse of FTX in 2022, pointing to Wyoming rules that restrict banks and exchanges from relending customer digital assets.