Lummis Blames Democrats for CLARITY Act's Senate Stalemate

Senator Cynthia Lummis has spoken out about the failure of the CLARITY Act in the U.S. Senate, blaming Democratic negotiators for the procedural vote's demise.

The bill aimed to create a federal framework for regulating digital commodities and clarify the jurisdiction of the SEC and CFTC. However, the cloture motion on H.R. 3633 failed to pass with 49 senators in favor and 50 against, while six Republicans voted no.

Lummis stated she was 'dismayed, dumbfounded and saddened' by the outcome, arguing that Democrats opposed the legislation due to their stance against President Trump's administration.

Revised drafts of the bill included ethics language, state attorneys general action, and Treasury authority to address deposit flight risks in payment stablecoins. However, Democratic negotiators cited strong ethics provisions as a point of contention.