Lummis Accuses Democrats of Delaying Digital Asset Bill to Kill It

Senator Cynthia Lummis defended her Digital Asset Market Clarity Act on the Senate floor, saying she plans to continue speaking about it over the next day. She called the bill 'good for the country, good for consumers, and good for lawmakers on both sides of the aisle.'

Lummis acknowledged that 11 months of negotiations had given Democrats nearly everything they requested. The bill has a long history, dating back to Lummis' election in 2020, when Wyoming's state legislature began building a framework for digital asset companies.

The bill has grown from its initial 68 pages to 616 pages today and includes regulations on stablecoins, mixers, tumblers, and crypto ATMs. It also adds $150 million in new FinCEN funding and mandatory Treasury and GAO studies on mixers and financial stability risk.