Lummis Blames Partisan Politics for CLARITY Act Failure
Sen. Cynthia Lummis (R-Wyo.) blamed partisan divisions for the failure of the CLARITY Act, which aimed to clarify cryptocurrency regulations in the US. The bill was stalled due to opposition from Senate Democrats.
Lummis argued that the Democrats' dislike for President Donald Trump outweighed their desire for good policy. Despite 126 substantive changes incorporated into the bill at the request of Democrats, every Senate Democrat opposed the motion to proceed.
Lummis rejected suggestions that the crypto industry or Coinbase CEO Brian Armstrong should take responsibility for the outcome. Instead, she emphasized that only senators could determine whether the legislation advanced.
Lummis urged the industry to focus on regulators, specifically the SEC and CFTC, rather than waiting for Congress. She acknowledged that agency rulemaking cannot provide the same durability as legislation but argued that it can still establish clearer rules for crypto businesses operating in the US.